Agriculture Roundup for Wednesday July 14, 2021
MELFORT, Sask. — Hot and dry conditions continue across the prairies resulting in reduced supplies and higher prices for spring wheat.
In the latest Sask Wheat market outlook prepared by Mercantile Consulting Ventures, the expanding drought, poor conditions, and absence of rain in the forecast has created optimism for wheat markets.
Even with an abundance of global wheat production, good quality wheat will be in short supply this year.
The report also said the United States Department of Agriculture forecasted lower wheat exports in 2021/22 in both Canada and U.S. with reduced supplies and higher prices. As a result, importers will be shifting their attention to Australia in search of additional supplies of high-quality wheat.