Canadian wheat is gaining ground in various Asian markets as Ukraine’s presence diminishes due to logistical challenges and geopolitical factors. Ukraine’s wheat exports have declined significantly, while Canada’s market share has been increasing. Indonesia, for instance, has shifted its wheat imports from Ukraine to Australia and Canada. Similarly, Bangladesh has seen a rise in its wheat imports from Canada compared to the previous year. However, experts note that Canada’s increased demand is also influenced by its larger wheat production in 2022 and the quality of Canadian wheat. Canadian farmers have experienced a rebound in production, particularly with Hard Red Spring Wheat, which competes in a different quality segment than Ukraine’s winter wheat. The reliability of Canada’s wheat supply has been appreciated by international customers, leading to discussions about the potential for Canada to grow more wheat. Meanwhile, Ukraine is projected to have another underwhelming harvest, with reduced wheat production and export estimates compared to previous years.
