Canadian wheat production expected to grow 60 per cent

Statistics Canada recently released the September Outlook for Prinicipal Field Crop Report.

Neil Townsend is the Chief Market Analyst with FarmLink and GrainFox.

He says right now we are in a month where the fundamentals are not all that vital it's more about dealing with the macro economics,  and what's happening with foreign exchange and inflation.

In the report, winter wheat production nationally is expected to fall 16 per cent, while 2022-23 wheat production is expected to grow 60 per cent to 26 million tonnes.

Overall production (excluding durum)  is estimated to rebound to 28.59 Mt, up 48 per cent year on year and 12 per cent more than the five-year average thanks to an 11 per cent increase in seeded area and return to trend yields. Spring wheat production is estimated to grow 60% to 26.05 Mt with the following provincial breakdown: MB (5.05 Mt), SK (10.61 Mt), AB (9.94 Mt), BC (81.27 Mt).