The International Grains Council is expecting world wheat production to reach 792 million tonnes in 2022-23.
That is 10 million tonnes more than last year, and 14 million tonnes above the prior estimate.
Global wheat consumptions remain relatively unchanged, with an increase in world ending stocks.
Market analyst Marlene Boersch with Mercantile Consulting Venture says there is a lot of uncertainty in the market right now because of inflation, rising interest rates and the war in Ukraine.
Boersch is also concerned about Canadian rail companies’ willingness to move enough grain by increasing labor and car supplies.
This year’s crop will be 60 percent larger than the drought reduced 2021 crop.
Boersch notes that CN and CP have not been clear on their readiness for the upcoming months, especially this winter.
Her comments are part of the latest Sask Wheat website market outlook.
(with files from cjww)
