2023-24 Outlook for Principal Field Crops

Agriculture and Agri-Food Canada released the Outlook for Principal Field Crops last Friday.

Below you'll find some of the highlights from that report.

Wheat and Durum projections for 2023-24:

Total wheat supplies for 2023-24 are forecast at 32.8 million tonnes with an expected increase in seeded areas.

Meantime, the total durum wheat supply is projected to be just shy of six million tonnes,  despite a drop in seeded areas but thanks to stronger yield expectations. 

Market expectations for the new crop year put the average SK CWRS 1, 13.5 per cent protein spot price down to $400  per tonne.

The Field Crop Outlook puts the 2023-24 forecasts the average spot price for SK CWAD 1, 13 per cent protein at $410 per tonne.

Exports for wheat are expected to see a drop due to increased competition from Europe and the US.