# Increasing forecasts of wheat harvest and exports from Canada lowers quotations in the US

> Agriculture and Agri-Food Canada raised its 2023/24 wheat production forecast by 2.2 million tonnes to 32 million tonnes and its export forecast by 1.9 million tonnes to 23.2 million. US wheat exports through December 12 were 28% below last year, and March futures fell across Chicago, Kansas City and Minneapolis.

- Date: 2023-12-19 · published 2023-12-19T12:00:00.000Z
- Category: report · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/32746-increasing-forecasts-of-wheat-harvest-and-exports-from-canada-lowers-quotations
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Larger Canadian supplies add to a global wheat surplus while importer demand stays low, pressuring US wheat prices. Feed buyers can expect softer wheat values in the near term.

## Read by commodity

- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2022-06-22 | [Accelerating harvesting in the United States and raising harvest forecasts for Russia are lowering wheat prices 22.06.2022 - UkrAgroConsult](https://feedsoft.ai/events/12702-accelerating-harvesting-in-the-united-states-and-raising-harvest-forecasts-for.md) | +1.8% | -4.6% |
| WHEAT | 2021-03-18 | [The higher forecast production in the new season lowers the price of wheat old crop](https://feedsoft.ai/events/48191-the-higher-forecast-production-in-the-new-season-lowers-the-price-of-wheat-old.md) | +0.9% | -3.3% |
| WHEAT | 2024-08-13 | [Despite lower production and inventory forecasts in the USDA report, wheat exchange prices fell](https://feedsoft.ai/events/28812-despite-lower-production-and-inventory-forecasts-in-the-usda-report-wheat.md) | -6.7% | -2.9% |
| WHEAT | 2025-03-03 | [Australia increases wheat harvest forecast to 34.1 mln tons](https://feedsoft.ai/events/25546-australia-increases-wheat-harvest-forecast-to-34-1-mln-tons.md) | -3.4% | +0.5% |
| WHEAT | 2023-05-31 | [Wheat prices fell by 2.5-4.7% against the background of the acceleration of sowing in the USA and an increase in crop forecasts in the EU and the Russia](https://feedsoft.ai/events/35987-wheat-prices-fell-by-2-5-4-7-against-the-background-of-the-acceleration-of.md) | -3.2% | +9.0% |
| KWHEAT | 2021-03-18 | [The higher forecast production in the new season lowers the price of wheat old crop](https://feedsoft.ai/events/48191-the-higher-forecast-production-in-the-new-season-lowers-the-price-of-wheat-old.md) | -4.1% | +1.1% |
| KWHEAT | 2024-08-13 | [Despite lower production and inventory forecasts in the USDA report, wheat exchange prices fell](https://feedsoft.ai/events/28812-despite-lower-production-and-inventory-forecasts-in-the-usda-report-wheat.md) | -1.4% | +5.7% |
| KWHEAT | 2023-05-31 | [Wheat prices fell by 2.5-4.7% against the background of the acceleration of sowing in the USA and an increase in crop forecasts in the EU and the Russia](https://feedsoft.ai/events/35987-wheat-prices-fell-by-2-5-4-7-against-the-background-of-the-acceleration-of.md) | +4.7% | +2.2% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/increasing-forecasts-of-wheat-harvest-and-exports-from-canada-lowers-quotations-in-the-us/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.