Canada threshes a smaller-than-expected crop, an upward turn in the hard
Wheat
Canada
Published Sep 23, 2022
Tridge summary
Statistics Canada and the country's Ministry of Agriculture revised their optimistic estimates for the upcoming harvest, cutting at least 400,000 tons from the country's total production. A few weeks ago, the same authorities were talking about a production of between 6.3 and 6.6 million tons, now falling to 5.8 to 6.1 million tons.
Original content
With the exception of last year's disastrous crop, Canada usually achieves average yields close to 250 kg per hectare, while the latest estimates put the average yield at 200 kg per hectare. In fact, market players, especially in Italy, report that the final production in Canada may be a little over 5.5 million tons. In any case, it will be a doubling of the country's performance last year. In this sense, Canadian FOBs are back at €411 a tonne, down from €360 last week. The price has strengthened by almost 100 euros compared to the levels formed during the first week of August. The market in France also moved upwards, recovering 20 euros per ton, returning to 450 euros, levels it maintained throughout August. In Foggia, prices remained unchanged at 487.5 euros per ton, confirming the scenario that wanted the market to find its lows. In particular, the quality wheat with a specific weight of 78 kg/hl, vitreous 70% and protein 12%, the merchant warehouse price is now traded at ...
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