Ottawa [Canada], August 19: The price of wheat in Canada fell 20.4 percent in July, Statistics Canada said Thursday.
The sharp drop followed an agreement made between Russia and Ukraine to allow grain exports to resume from Ukrainian Black Sea ports, the statistical agency said while announcing its Raw Materials Price Index.
Canada's spring wheat yields this year will be above average according to an early-August crop tour conducted by Argus Media.
The company is forecasting a spring wheat yield of 53.3 bushels per acre and 26 million tonnes of spring wheat production.
In 2021 summer, prairie wheat farmers in western Canada, where most wheat is grown, endured their worst drought in almost two decades.
Due to record-high temperatures, combined with little rain, the yield in 2021 decreased by 38.1 percent from 2020 to 31.6 bushels per acre, the lowest wheat yield in two decades, according to Statistics Canada.
As a result, Canadian wheat production in 2021 fell by 38.5 percent from 2020 to 21.7 million tonnes, or an annual loss of 14 million tonnes.
Source: Xinhua