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Statistics Canada's first survey-based estimate puts 2021-22 canola production at 12.595 million tonnes, down 35.4% from the prior year and the smallest crop since 2007. Yields fell 40.2% to 25 bushels per acre, and durum production fell 25% from September's estimate to 2.654 million tonnes.
The canola figure was in line with pre-report trade estimates.
A confirmed, sharply smaller Canadian canola crop reduces global oilseed supply and supports canola meal and oil prices. The durum cut reinforces tighter Canadian wheat supplies.
agcanada.comAGCanadaDec 3, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
