Market News & Headlines >> Canadian Crop Estimates Seen Rising
The grain trade expects official estimates of Canada’s 2015 wheat and canola crops to rise following favorable weather late in the growing season, which is thought to have boosted yields.
Statistics Canada will issue its final 2015 crop production estimates on Friday and trade expectations ahead of the report are for the agency to raise Canada’s wheat crop by 2.5%, while boosting canola production by 9.1%, according to Reuters' survey of 20 analysts and traders.
Trade estimates of all-wheat production average 26.7 million metric tons in a range from 26.0-27.5 million, up from StatsCan’s October estimate of 26.1 million tons, but still down 9% from last year’s crop of 29.4 million.
Pre-report estimates of canola production average 15.6 million tons in a range from 14.5-16.7 million compared with StatsCan’s October estimate of 14.3 million tons and last year’s crop of 16.4 million.