Durum wheat prices predicted to fall to $234 in Canada

The durum harvest in Canada is very high, which will cause prices to fall. According to Statistics Canada, durum wheat has already been harvested from 2.6 million hectares with an average yield of just over 24 c/ha. This has allowed the country to put 6 million tons of grain into elevators. Including carryover, Canada’s total durum supply is forecast at 6.5 million tons, a 39% increase over 2023 yields of just 17 c/ha with comparable planted acreage. Global trade is on the rise Canadian domestic durum wheat consumption is relatively stable and is forecast at 0.77 million tons, while ending stocks are estimated to rise to 0.9 million tons. The Canadian Grain Commission (CGC) reports that as of the end of October 2024, Canadian durum wheat exports through the licensed elevator system are about 25% higher than the same period last year. Exports for the entire current season are forecast at 4.8 million tons. Experts note high demand for durum in Europe and North Africa. In favor of ...