What is happening in the global wheat market?

Open this photo in gallery: A combine harvests a wheat crop near Cremona, Alta., on Sept. 9, 2021.Jeff McIntosh/The Canadian Press The price of wheat is down almost 30 per cent from a year ago but appears to be bottoming. Where do we expect wheat prices to be going forward and what factors are influencing it? Global wheat production is concentrated in China, at 137 million tonnes, the European Union at 134, India with 103 and Russia at 92. The United States produces 45 million tonnes and Canada's annual wheat production ranks sixth globally at 34 million tonnes. Russia, the…