Market News & Headlines >> Canada's Wheat Seedings Seen at 6-Year Low
Statistics Canada’s planting intentions report, due out Friday, is expected to show that Canadian farmers will plant their second-largest canola area ever this spring and reduce total wheat seedings to a six-year low.
Trade estimates of Canada’s canola plantings average 21.3 million acres, which would be the most since 2012 and 4.6% more than last year’s 20.4 million, according to a Reuters News Service survey of 14 traders and analysts. Trade estimates of canola plantings range from 19.5 to 22.5 million acres.
All-wheat seedings, including spring wheat, durum and winter wheat, are expected to fall by 3.5% to 22.4 million acres, the lowest since 2011. Trade estimates of all-wheat acreage range from 21.4 to 23.0 million acres. Trade forecasts of durum seedings average 5.0 million acres in a range from 4.7 to 5.7 million.
Favorable canola prices over the winter, low wheat prices and quality problems with the 2016 spring wheat harvest are seen driving the acreage shift. Statistics Canada surveyed farmers from March 16 through April 2.