Ample Wheat Supplies May Get Another Boost From Canadian Farmers

One of the world’s top wheat exporters is poised to add to an already abundant breadbasket. Acres of non-durum wheat in Canada could rise as much as 7.3% in 2023 as growers shift acres away from oats and pulses, said Neil Townsend, chief market analyst at FarmLink in Winnipeg, Manitoba. Farmers will probably plant 20.8 million acres of wheat, up from 19.4 million acres a year ago, according to FarmLink estimates.  The potential acreage boost comes as prices are being pressured from a bumper Russian harvest. Futures are down about 48% from highs set last year when Russia’s invasion of Ukraine spurred fears over shortages of grain from the Black Sea region, where much of the world’s food is produced.