As Canadian farmers gear up for spring planting, they expect to plant more wheat this year and increase crops of canola and soybeans.
The University of Illinois’ Farm Policy News says, “Canada’s farmers forecast planting 26.97 million acres of wheat in 2023, six percent higher than 2022 but still well below the 8.2 percent annual increase recorded last year.” The spring wheat area will increase 7.5 percent to 19.39 million acres, durum wheat is predicted to edge up 0.9 percent to just over six million acres, and the winter wheat area is anticipated to jump more than 12 percent to 1.52 million acres.
Geopolitical concerns may be behind Canada’s increasing wheat crop. Canada’s farmers are planting the most wheat in 22 years as the war in Ukraine and a significant drought in the U.S. tighten global supplies. Global wheat stocks and vegetable oil supplies are limited by obstacles facing Ukraine’s exports.