Canada’s rebound in wheat production in 2022 will “thrust the country into the position of a major global supplier in early 2023,” says market analysis agency S&P Global Commodity Insights. And demand for Canadian wheat is likely to rise further because of weather woes in Argentina and the U.S.
Wheat sales to China are already up sharply and exports to both Indonesia and Japan are also expected to increase, S&P Global said in an end-of-year report.
“Apart from Asian countries, Canada may increase shipments to South American nations due to the drop in Argentina’s output,” the report stated.
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