Looking at commodity market trends, there has been drought in North Africa which is causing concern for upcoming wheat harvest.
- CANADA: Spring sowing areas are expected to decline by 6% to the advantage of other grains and some oilseeds such as rapeseed and soybeans. Despite improved yields compared to 2022, production is expected to be similar to the last harvest.
- USA: The harvest was completed in all major areas and yields were above expectations. In the past two weeks, quotations have fallen sharply, driven mainly by the trend in common wheat as production in Australia reached record levels.
- EU & NORTH AFRICA: Quotations in Europe continue their downward trend. Meanwhile, looking ahead to the 2023 harvest, drought conditions across North Africa are becoming increasingly worrying in Algeria and Tunisia.
To read the full February 2023 Commodities Bulletin register here: