Canadian and Australian crops increased: Grain market daily

Updated official crop figures confirm that the 2023/24 Canadian wheat, barley, oat and canola (rapeseed) crops are all larger than previously forecast (Statistics Canada). Except for oats, updated Australian government estimates also point to larger 2023/24 crops than predicted in September too. The two countries are key top exporters. Last month the USDA predicted that together Canada and Australia will account for 20% of global wheat trade in 2023/24, 28% of barley, 69% of rapeseed and 85% of oat trade. It’s still important to note that crops in both countries are still considerably smaller than last year, with yields reduced by dry weather during the growing season. However, for Canada it seems that the impacts haven’t been as severe as feared back in September. Meanwhile for Australia, it has been a mixed spring. Improvements in southern cropping regions are expected to more than offset downgrades in northern cropping regions. Production is down from September in Queensland ...