Drought is expected to send global wheat stockpiles for major exporters to the lowest levels in more than a decade, a Reuters analysis has shown
Canada is the world’s fourth-largest wheat exporter and the biggest shipper of canola, which is used largely to produce vegetable oil.
“We’re down significantly. We’re seeing a tightening in the major exporters,” said Bruce Burnett, director of markets and weather at MarketsFarm. Production of spring wheat, used in baking, looked to fall 14.5% to 22.1 million tons. The harvest of durum wheat, used in pasta production, is expected to plummet 26% to 4.3 million tons.
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