News
12.08.2010
Canadian Wheat Harvest to Drop 21%, USDA Unit Says
Canada’s wheat production will drop 21 percent in the year ending July 31 because of excess rain in Saskatchewan, Manitoba and Alberta, a unit of the U. S. Department of Agriculture said. Output will fall to 20.9 million metric tons from 26.5 million a year earlier, the USDA’S Foreign Agricultural Service said in a statement posted today on its website. Statistics Canada said on June 23 that production will drop 7.1 percent to 22.7 million. Exports will decline 16 percent to 15.5 million tons from a year earlier, the USDA unit said. Wheat futures in Chicago have surged 70 percent from this year’s low on June 9 because of adverse weather in Russia, other parts of Europe and Canada. Last year, the U.S. was the world’s biggest shipper, followed by Canada. «Extremely wet conditions in Canada, particularly during May and June, have had a significant impact» on production forecasts, the USDA unit said. Wheat futures for December delivery fell 17 cents, or 2.3 percent, to close at $7.2675 a bushel at 1:15 p.m. on the Chicago Board of Trade. On Aug. 6, the price reached $8.68, the highest level for a
