The ongoing hot and dry conditions are reducing hopes of the EU wheat crop achieving close to last year’s record level. The same applies to the crop expectations in Canada: in the space of two weeks, the proportion of plants rated “good” or “excellent” in Saskatchewan, the most important growing province, decreased by 5 percentage points to just 52%.
Dry conditions are also hampering planting in Argentina and have resulted in a downward revision of the crop acreage for 2015/16. The Grain Exchange in Buenos Aires estimates that the crop will now be down by 15% year-on-year.
(Source – http://www.blackseagrain.net/novosti/increasing-downside-risks-for-the-wheat-crops-in-europe-canada-and-argentina)