Published On: Wed, Aug 24th, 2016

Canada’s wheat crop up, but heavy rains mean lower quality

Canada's wheat crop up, but heavy rains mean lower quality

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It’s only the second time in 25 years Canadian farmers have produced more than 30 million tons of wheat, the agency reports.“We’ve got oodles and oodles of wheat in North America,” said Ken Ball, a senior commodity futures adviser at PI Financial, as quoted by Bloomberg.The analyst stressed that quality was still going to be the big issueHeavy rains that hit areas across the prairies during the harvest had a significant impact on wheat quality.At the same time, production of corn, soybean and canola is expected to drop, as Ontario, the country’s largest producer, was hit by drought.Corn output will reportedly decrease by nearly nine percent from last year. Overall production of soybean will drop 6.5 percent due to lower yields and a smaller planted crop. Canola will be down by 1.1 percent.The projected canola crop will be too small to meet the demand should the Chinese market continue to buy, and prices will a… #Wheat On the Western Front Adding to Global Glut, Canada production seen exceeding 30 million tons !! — AICC Trading August 24, 2016

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