Market News & Headlines >> Canada Boosts Wheat Crop Estimate

Statistics Canada on Thursday raised its forecast for Canada’s 2014 wheat crop by 6.5%, pegging production above the range of trade expectations on higher estimated yields.

Statscan pegged all-wheat production at 29.28 million metric tons, up from an October estimated of 27.5 million tons and above trade estimates that averaged 27.8 million tons  in a range from 27.2-28.2 million, according to a Reuters News Service Survey.

Although the crop was larger than expected, it was still 22% smaller than the record large 2013 crop that helped cause severe transportation logjams across western Canada.

Stascan pegged Canadian durum wheat production at 5.2 million tons, up from a previous estimate of 4.8 million tons, but below last year’s 6.5-million-ton crop.

The agency also raised its estimate of Canada’s canola crop more than expected, pegging production at 15.56 million tons versus an October estimate of 14.1 million. Trade estimates of canola production averaged 14.6 million tons in a range from 13.8-15 million. Canola output is still seen down 13.6% from 2013.