There’s Not Enough Extra Canadian Wheat to Fill Global Shortfall
- Nation’s wheat crop tumbled in 2021 amid dry conditions
- ‘We are already in short supply,’ industry group says
A combine harvester unloads wheat at dusk near Winkler, Manitoba, Canada.
Photographer: Shannon VanRaes/BloombergThis article is for subscribers only.
One of the world’s top wheat exporters won’t be able to fill supply shortfalls caused by Russia’s invasion of Ukraine after drought withered its own grain inventories.
Dry conditions zapped as much as 40% of Western Canada’s grain output, and finding additional supplies to export would be a “struggle,” said Phil Speiss, commodity futures broker for RBC Dominion Securities in Winnipeg, Manitoba. Stockpiles of wheat in Canada dwindled to 15.6 million tons at the end of December, down 38% from a year earlier, government data show.