Canada, the world’s biggest canola grower and a major wheat producer, forecasts a 26% drop in supplies of its main crops as drought ravages output and inventories shrink.
Grain and oilseed exports are expected to fall in the marketing year that started Aug. 1 for most crops, and inventories will drop due to low supplies, Agriculture and Agri-Food Canada said in a monthly report on Thursday. By the end of July, nearly three quarters of Canada’s agricultural area was abnormally dry or in a drought.
