Canada: Wheat exports start strong, but price lowest since 2020

Early season Canadian wheat exports are going well, an important development in a year when it looks like we might harvest a record wheat crop. The expectation of good wheat crops here and around the world are putting downward pressure on prices, and there is a general depressed feeling across all crop markets, even though there have been years when the oversupply situation appeared much worse. But let’s not get bogged down in the market negatives yet. The good news is that in the first nine weeks of the crop year, to Oct. 5, wheat exports totalled 3.57 million tonnes, according to the Canadian Grain Commission. That is up 413,000 tonnes, or 13 per cent, over last year at the same time and almost 16 per cent ahead of the five year average from 2020-21 to 2024-25. The strength was particularly shown in week eight when a huge 841,000 tonnes of wheat moved out. At the time this was written, we had export destinations only for August, and that showed significant movements to Spain, ...