War in Ukraine has tightened global supplies of wheat and vegetable oil. Dry conditions in Argentina have further inflamed food security concerns.
War in Ukraine has tightened global supplies of wheat and vegetable oil, of which Canada is a major producer. Dry conditions in Argentina have further inflamed food security concerns.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
The estimate came in one million tonnes lower than the average industry expectation of 34.8 million tonnes. “StatsCan is recognizing poorer moisture conditions, that late-season drought that affected southern Saskatchewan and southern Alberta,” said Ed Broschinski, MarketSense commodity analyst. “That late heat really fooled the satellites.”Article content
Given big wheat supplies from Russia and Australia, Canada’s wheat crop downgrade may be only mildly supportive for prices, Broschinski said.
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