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Farmers also plan to plant more canola, corn, barley and soybeans compared to last year.
Canadian producers expect the biggest wheat harvest in two decades this year, the state agency Statistics Canada said in a report released this Wednesday (26).
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According to the document, farmers expect to plant 23 million acres of the cereal this year, an increase of 6.2% compared to 2022. The main reasons listed are favorable prices and strong demand for the commodity.
Russia's invasion of Ukraine in February last year raised global wheat prices, as Ukrainians were one of the main exporters of the grain until then. Despite the significant decline in recent months, values remain relatively strong from a historical point of view.
The conflict in Eastern Europe is just one of several obstacles Canadian farmers have faced over the past year, including inflationary pressures on items like fertilizers and fuel, higher interest rates and more extreme weather conditions over the past decade, including a drought severe in 2021.
The body also noted that farmers plan to plant more canola, corn, barley and soybeans compared to last year, while oats, lentils and dry peas are expected to decline.
Source: datagro
