Canola futures rallied on Thursday after Statistics Canada reported a smaller-than-expected estimate for 2024 production.
In its final crop estimates for the year, published Dec. 5, the agency pegged the canola crop at 17.8 million tonnes — down 7 per cent from 2023, but more significantly, well below the average pre-report trade estimate of around 18.5 million.
Spring wheat production was estimated at 26.1 million tonnes, up 2.2 per cent from last year, while all-wheat production was estimated at 35.0 million tonnes, up 6.1 per cent from last year.
StatsCan noted much of the Prairies received timely rain during seeding, but a lack of rain as the summer progressed, coupled with hot weather, resulted in lower yields in some areas compared with 2023.
Meanwhile, above-average rainfall in Ontario and western Quebec, combined with summer heat, resulted in higher yields in 2024.
The November 2024 Field Crop Survey results are based on surveys sent to approximately 27,200 Canadian farms between October 4 and November 7, 2024.
