Bin-Busting Global Wheat Supplies Signal Price Rout Isn’t Over
- Canada crop yields rise with ‘optimal’ growing conditions
- Hedge funds hold wagers on price declines for 11 months
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Canada’s wheat farmers still have more than a month before they start the bulk of this season’s grain harvest, but they’re already worried about where to store a bumper crop.
Even though growers planted less after prices fell last year, beneficial weather boosted the outlook for yields across Canada’s Prairies. The potential for near-record output means farmers are stocking up on grain bags to store wheat on the ground amid expectations that bins and silos will be overflowing.