Friday’s StatsCan report didn’t bring many changes to the overall wheat story. “There’s more spring wheat in Canada than the grain trade was expecting. The trade thought we’d lose more spring wheat and there was a slight increase,” says DuWayne Bosse, market analyst, Bolt Marketing. “Overall, Canada has a much smaller crop year-over-year. Bigger picture, we’re now watching wheat production across the world. How wet will it get for Australia as they harvest a record crop? Quality may be impacted if it keeps raining. We’re also watching the Russia and Ukraine to see if they’re actually going to go to war.” The wheat complex had downward pressure as the week wrapped up.
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