yolowire.com - Canada is set to become the world's third-largest Wheat exporter as crop production in the country’s western prairie region continues to accelerate.
Data from the U.S. Department of Agriculture shows that Canada is poised to overtake Australia for third place with the current crop year and forecasts a similar ranking in 2025.
Canada moves into third spot behind only Russia and the European Union when it comes to its volume of wheat exports to foreign markets.
According to a recent forecast from Agri-Food Canada, production of wheat in the country is estimated to increase about 2% year-over-year in 2024.
Canada’s growth in wheat production reflects improving yields in the country’s western prairie region where drought conditions have subsided and production has steadily risen.
Canada now ships more than 20 megatons of wheat to 65 countries, with the top five destinations being China, Indonesia, Japan, Bangladesh, and the U.S.
Global demand for wheat has also been increasing in recent years.
The U.S. Department of Agriculture has forecast that worldwide wheat consumption this year will increase by 0.6%, with increased demand from North America, the Middle East, and Asia.
Canada has also stepped up its wheat production as other countries, notably Ukraine, have seen a reduction in their crop output due to ongoing military conflicts.