CANADA - The latest crop production report from Statistics Canada, published last week, pegged Canadian canola (rapeseed) production for harvest 2014 at 15.6Mt.
While this is 13.4 per cent lower compared with the previous year, it is the second largest Canadian canola crop on record.
Furthermore, the canola production estimate is 1.5Mt higher than Statistics Canada’s last forecast in September and around 1Mt above trade expectations according to a Reuters poll. The higher production figure is explained by better than predicted yields.
Canadian wheat production for harvest 2014 was also revised considerably higher compared with Statistics Canada’s previous estimates.
At 29.3Mt, Canadian wheat output is seen 1.8Mt higher than in September. Revised estimates in the latest report showed a yield decline of only 13.9 per cent year on year, in comparison with 18.2 per cent which was estimated in the previous report.
However, compared with 2013’s production, this year’s harvest is seen 22 per cent lower. The current USDA estimate for Canadian wheat production in 2014/15 is 27.5Mt, and it will be interesting to see if this figure is revised lower when the next USDA estimates are released this Wednesday (10 December).
TheCropSite News Desk