CWB reports highest wheat exports in nine years

The Canadian Wheat Board (CWB) has exported the highest wheat exports in nine years and the second-highest overall grain revenues in its history.

CWB exported 18.5 million tonnes of wheat, durum and barley in the crop year ended Friday, one million tonnes more than last year and the highest level since 2000.

Much of the increase came from new wheat markets such as Iran and Indonesia.

Iran needed imports because of the poor crop, and CWB has been able to capture a large part of the Iranian import market, said board president and chief executive Ian White, adding they were the largest exporter to Iran compared with their competitors.

Prices have remained strong despite the volatility on international markets. CWB's net revenue was estimated at more than C$6 billion (US$5.5 billion).

A dry and cold spring this year will cut wheat production by 20 percent on-year to 20.2 million tonnes. The crop continues to be late and continues to struggle, White said.