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Statistics Canada expects 2019 canola production to fall 4.8% to 19.4 million tonnes, even though yields are forecast to rise 3.8% to 41.3 bushels per acre. Harvested area is down 8.3%, making this the smallest canola crop in four years.
Wheat output is forecast up 0.9% to 32.5 million tonnes, with a 13% drop in durum.
A smaller canola crop tightens domestic supply and supports canola meal prices, partly offsetting the weak export demand from China. The reduction in harvested area is a key factor for supply through the 2019-20 marketing year.
financialpost.comReutersSep 12, 2019Not 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.
