28th April 2023

North America

Canadian farmers plan biggest wheat crop in over two decades

Canadian farmers are expecting to plant the largest wheat crop in more than two decades this year due to the strong demand for wheat.

Statistics Canada said that farmers are planning to plant 23 million acres of wheat, up 6.2 per cent from the previous year.

According to the federal agency's report on principal field crop areas, the anticipated growth is possibly due to favourable prices and strong demand for wheat.

Russia's invasion of Ukraine in 2021 increased global wheat prices, as Ukraine was one of largest wheat exporters in the world. 

Prices have since declined but remain relatively strong with Chicago benchmark wheat futures trading for around US$6.49 per bushel mid-week.