By Gus Trompiz and Rod Nickel PARIS/WINNIPEG, Manitoba - Pasta lovers must brace to pay even higher prices for their favorite dish, as drought in ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSWatch onPARIS/WINNIPEG, Manitoba - Pasta lovers must brace to pay even higher prices for their favorite dish, as drought in Canada and bad weather in Europe damages crops of durum wheat and reduces supplies available to flour millers and food companies.
One of Continental's owners, Vincent Liberatore, fears prices will rise even more now that farmers in top durum exporter Canada have seen their harvest devastated by drought. He said the business will absorb the costs as long as possible, uncertain how much more consumers will pay. The International Grains Council forecasts 2023/24 global durum production at a 22-year low, pushing world stocks to their smallest in three decades.When the Prairies turned dry this summer, Canadian farmer Darold Niwa saw hopes of a bumper durum harvest dashed.
Canada accounts for around half of global trade in durum but this year's harvest looks to be the country's second-smallest harvest in 12 years. Canadian farmers are expected to produce 4.3 million metric tons of durum this year, Statistics Canada reported on Tuesday.The United States is also expected to harvest a smaller crop due to dryness, while drought has cut production in Spain and severe weather has produced mixed quality in Italy and France.
Traders said Turkey is tapping a bumper harvest and high stocks to reverse its usual role as an importer. Its exports are widely expected to reach 500,000 tons and possibly 1 million depending on government export approvals.Turkish exports have cooled Mediterranean and North American durum prices, but they should resume their climb when Turkey runs out in a month or two, said Philip Werle, partner at Spain-based Northstar Brokerage.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPINION: Canadians should be protesting for high-speed railIn 2008, I decided to advocate for high\u002Dspeed rail in this country and started High Speed Rail Canada.
Read more »
OPINION: Canadians should be protesting for high-speed railIn 2008, I decided to advocate for high\u002Dspeed rail in this country and started High Speed Rail Canada.
Read more »
Pure data and chart reading technical analysis with Gareth Soloway and Ben CohenKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Read more »
Miner's Drilldown: Weekly technical analysis of the top 10 gold and mining stocksKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Read more »
Analysis-Chinese investors rush to offshore funds to offset domestic risksBy Summer Zhen and Samuel Shen HONG KONG/SHANGHAI (Reuters) - Disillusioned with a weak stock market at home, geopolitical risks and a falling ...
Read more »