A turnaround in Canada’s wheat crop may help boost world supplies.

Output from the world’s seventh-largest wheat exporter will rise 55 per cent to 34.6 million metric tons this year as yields improve amid better moisture and more moderate temperatures, Statistics Canada said Monday in a report. That makes 2022 the third best harvest in records dating to 1908, falling just short of 2020’s bounty and the record 37.6 million tons gathered in 2013.

Last year’s Canadian crop was the worst since 2007 after extreme drought in the Canadian Prairies withered plants.

Global wheat supplies have been uncertain after Russia’s invasion of Ukraine and extreme weather trimmed output in parts of Europe. While shipments are flowing out of Ukraine again, there are fears about the next crop as a chunk of farmland was lost in the war. Drought is also shrinking crops from the US Farm Belt to China.

Benchmark wheat futures rose as much as 4.1 per cent to US$8.3675 a bushel Monday in Chicago. The contract has gained 8.6 per cent this year.

“Even in the dry areas the wheat came through,” said Ken Ball, a senior commodity futures adviser at PI Financial in Winnipeg. “It’s going to add up to a big crop.”