The market seemed surprised by the Statistics Canada report released this morning. Farmers did not.
StatsCan slashed a million tonnes from its earlier estimate and has pegged production at 13.2 million tonnes. Initial reaction from farmers was, Yes, we could’ve have told you that, but some market analysts are concerned the number is perhaps a bit too low.
What happened to the crop? Total seeded area was up significantly, but the average yield dropped to 28.2 bu/acre, according to StatsCan. The Canola Council of Canada outlines what happened in last week’s Canola Watch: excessive heat at flower, excessive rain in some areas, heavy disease pressure, heavy insect pressure and just plain old bad luck in the form of aster yellows and hail took out production, too.
Is StatsCan in the ballpark? Tell us what you think in the comments.
For the entire StatsCan report, click here.
