Canada’s wheat surplus at the start of this marking year was 9.8 million tonnes, up 94 percent from the year-earlier figure, said Statistics Canada. A record 3.7 million tonnes was in storage in Saskatchewan and storage in Alberta also was a record at 1.8 million tonnes as of Aug 1. The huge increases reflected “bumper production for many crops (in 2013), especially in the Prairies,” it said.
AgriMoney said “the increases were smaller than investors had expected…by 900,000 tonnes in the case of wheat.” Traders said the smaller stockpile would bolster market prices somewhat. USDA forecasts a Canadian wheat crop of 28 million tonnes this year, down from 37.5 million tonnes in 2013, a drop of 25 percent.