The global appetite for wheat has been on a steady upward trend for the past two decades or so.
That, combined with the war in Ukraine and dry conditions affecting production in some major wheat exporting nations, should set the table for continued support of global wheat prices.
“We’ve had this situation where (global) production has been outstripped by usage for the last several years,” said Chuck Penner, market analyst with LeftField Commodity Research.
“When that happens, you have global wheat stocks declining.”
In a recent wheat market outlook presentation at CropWeek in Saskatoon, Penner painted a generally favourable supply and demand picture that should have Canadian wheat sellers feeling confident about the direction of wheat prices in the months ahead.
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