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Wet Canadian Weather May Give Relief to World Wheat Supply Squeeze

  • More wheat acres may help replenish global supplies: analyst
  • Canola acres seen falling as farmers shift acres to cereals
Spring wheat grows in a field Brunkild, Manitoba.

Spring wheat grows in a field Brunkild, Manitoba.

Photographer: Shannon VanRaes/Bloomberg

A soggy start to spring in parts of Canada may be good news for wheat supplies.

Wheat acres will rise 8.7% to 25.4 million acres, the highest level in a decade, Statistics Canada said Tuesday in a report. Analysts in a Bloomberg survey expected 24.7 million. High prices and heavy rainfall in parts of the eastern Prairies may have spurred farmers to shift acres to cereal crops.