Canadian wheat stocks fell 18.5% from year-ago to 4.6 MMT as of July 31, according to Statistics Canada. The decline was partially due to lower total national supply (down 1% to 38.7 MMT).

“Wheat ending stocks in Canada will be relatively tight for the first time in the last couple of years,” Voth says. Stats Canada lowered its projected Canadian average wheat yield to 38.1 b ...