Production of wheat from Canada will increase to 37.5 million metric tons, which represents a boost from the forecast in September of 33 million tons, according to data released by Statistics Canada. The production of the agricultural commodity is projected to rise 38 percent from checking in at 27.2 million tons last year. The provinces on the Atlantic Coast and British Columbia account for as much as 4 percent of the nation's production of wheat.
"People were pleasantly surprised," owner Chuck Penner with LeftField Commodity Research in Winnipeg told the news source. "People thought it was a good year, but it was a really good year."
At 10:10 a.m. on Wednesday, wheat futures dropped 0.41 percent, a 0.0275-cent fall to $6.655 per bushel.
Reuters reports wheat futures' losses were tempered by surging demand for U.S. supplies of the agricultural commodity as concerns spike about crop-damaging weather negatively impacting the harvest.
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