OTTAWA, CANADA — Wheat production in Canada in the 2022-23 marketing year increased by 50% from the previous year to 33.8 million tonnes on increased planted area and higher yields, according to a Global Agricultural Information Network report from the Foreign Agricultural Service of the US Department of Agriculture (USDA).
The report noted improved soil moisture conditions put yields in line with the three-year average prior to the 2021 drought.
Total wheat exports in 2022-23 are forecast to rise on strong demand from China, Indonesia, South America, Japan and Italy, the USDA said. During the August-November period in 2022, exports increased by 49% overall, with huge increases from China (497%) and Italy (155%).
Wheat ending stocks are projected to increase year-over-year to 38 million tonnes, up from 28 million tonnes in 2021-22, due to increased domestic supplies, the USDA said, adding that “pent up international and domestic demand will prevent total stocks from returning to historic averages.”
