The Canadian Statistics Office expects more than 25 million acres of wheat to be planted in Canada this year, an increase of 7.2% over last year. On the other hand, experts surveyed by Bloomberg News Agency expect 24.1 million acres of wheat to be planted in Canada this year.
The office also expects the canola planting area to reach 20.9 million acres, a decrease of 7% compared to last year, while the average analyst expectation is 21.9 million acres. It is worth mentioning that canola is used in the production of cooking oil.
This comes as experts and traders expect the global grain reserve for the next season to decline to its lowest level in eight years, which would exacerbate the currently severe supply shortage that has already led to soaring food prices.
According to Bloomberg News Agency last Thursday, Ukraine, one of the world's major grain exporters, still holds large quantities of grain from last year's harvest, but the Russian war on it has largely disrupted the country's ports.