Canadian Agriculture Increases Export Estimate For Non-Durum Wheat

1. Canadian Agriculture Increases Export Estimate For Non-Durum Wheat In its latest supply and demand report, Agriculture Canada significantly increased its non-durum wheat export estimate for 2023-24. "Exports are up 11% from last month's report to 20 MMT, as Canadian wheat continues to move quickly to international markets," the report said on 15th Dec. That is an additional 2MMT leaving the country. Tradologie.com is an easy-to-use SaaS-based global trade hub and your one-stop shop for B2B agri- commodities procurement and sales. Connect with global Wheat Buyers or bulk wheat sellers, bypass middlemen for higher profits, and secure the best bulk prices effortlessly. Tradologie.com streamlines you bulk wheat sales and procurement requirements and completely facilitates the process . Rise In Canadian Wheat Exports However, output increased by 2.13 MMT. Compared to November's prediction of 3.2 MMT, the new ending stocks estimate of 3.5 MMT is higher. A robust early-season sales program had led analysts to demand a higher export figure. According to the Canadian Grain Commission, as of week 19 of the 2023–24 crop year, Canada had exported 7.9 MMT of non-durum wheat. That pace is much higher than 7.04 MMT from the previous year. Shipments were significantly higher than what was required to reach Agriculture Canada's prior 18 MMT export goal. “This year, we are off to a very strong pace,” MarketsFarm analyst Bruce Burnett stated.

2. Monthly export data is provided by country; the most recent data available is for October. China has bought 536,400 tonnes of Canadian non-durum wheat during the first three months of the 2023–24 campaign, making it the largest buyer. Although it is roughly half as much as it was at this time last year, the program last year was exceptionally large. China has been buying a lot of U.S. soft red winter wheat lately, likely to replace its domestically grown wheat that suffered quality damage because of excessive harvest rainfall. Indonesia has emerged as Canada's second-largest importer, having bought 532,900 tonnes, a 164% rise from the same time last year. It is not surprising that they are at these levels because they have historically been major importers, Burnett added. Why Canada’s Wheat Export Volumes Are Rising He believes the low quality of the hard red winter wheat crop in the United States is a major factor. They require some high-grade wheat. He stated, “On the spring wheat side, we benefit from that.” However, the significant increase is also related to the poor performance in the previous year. “Previous year’s exports to Indonesia were the lowest in ten years, which is why this y-o-y looks very good,” he said. Burnett thinks that the record crop in Australia, which created intense competition in Indonesia along with wheat from the European Union and Russia, is the reason why sales were lower last year. Additionally, there have been successful sales to markets in West Africa, Latin America, and Asia. Despite Russia's enormous crop, there has been a strong demand for Canadian wheat this year. A prime example is the United States of America. In the first three months of the campaign, it purchased 227,300 tonnes of Canadian non-durum wheat, which is more than five times what it purchased the previous year. This is a result of the subpar US HRWW crop once more. “Domestic mills in the United States have been using more spring wheat, including more Canadian wheat,” Burnett explained. Since the end of July, Minneapolis wheat futures prices have been "on a one-way ticket ride down," seemingly oblivious to the robust demand for spring wheat. If you are a wheat importer wishing to import wheat in bulk or a wheat exporter willing to export bulk wheat, then Tradologie.com is the right platform for you. Tradologie.com facilitates bulk agro-commodity sales and procurement across the globe. Through tradologie.com’s interface, buyers can avail the best qualities of agro-commodities in bulk at negotiable rates. The transaction oriented platform has 700,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 100 countries.

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