Statistics Canada (StatsCan) released the model-based principal field crop estimates report earlier this week.
It is no real surprise to anyone that there were some pretty big year-over-year production cuts across a lot of commodities.
Brian Comeault of Farmers Business Network (FBN), joined RealAg Radio host Lyndsey Smith to discuss the latest report, and dig in to what some of the numbers might mean, especially on canola.
“The general theme is that everyone has been expecting crops, as an average, are not as good as last year. But they’re better than they were in the 2021 drought year,” he explains.
Some numbers did come as a bit of a surprise however, especially when honing in on a crop such as canola. StatsCan pegged the production number of canola at 17.56, which was fairly higher than what a good portion of analysts had estimated. Comeault would even go as far as to say it was a few hundred thousand tonnes higher than what they were thinking.
“I mean — there’s still lots of harvest yet to go. And some of these estimates were done in early or late July, so a lot of the dryness that has occurred in the last three weeks or so may not have been factored into the market. There’s lots of pod filling and things like that, that would need to happen,” says Comeault.
Check out the full conversation between Comeault and RealAgriculture’s Lyndsey Smith, below:
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