StatCan experts have raised estimates for wheat and canola production this season

According to a November report from Statistics Canada (StatCan), Canadian farmers harvested better-than-expected wheat and canola crops thanks to late summer rains that helped crops recover from drought.

Thus, the total wheat harvest amounted to 32 million tons, which is the second lowest indicator in the last 6 years, but exceeds the September forecast of 29.8 million tons, and also exceeds last year's indicator by 6.9%. A 12.1% decrease in productivity due to dry weather in the prairies was partially offset by a 6% increase in planted area to 10.69 million hectares.

Spring wheat harvest reached 24.8 million tons, although in September it was estimated at 22.6 million tons.

At the same time, the durum wheat harvest is inferior to the September forecast and amounts to 4 million tons, which is the second largest indicator of the last 13 years.

Canola production rose from September's forecast of 17.4 million tons to 18.3 million tons, which is 2% less than last year, as yields fell by 4.9% and planted area increased by only 3% to 8.87 million hectares .

The barley harvest decreased by 10.9% compared to last year to 8.9 million tons due to a 12.9% drop in productivity due to the drought, although the sown area increased by 2.4% to 2.71 million hectares.

The report adds pressure on canola prices, which have fallen 5.2% since the start of December to CAD 665/t or $490/t (-5.5% on the month).