Market News & Headlines >> Canadian Crops Larger Than Expected

Canada’s 2015 wheat and canola crops both exceeded trade expectations following a favorable end to the growing season, which boosted yields.

In a report issued Friday morning, Statistics Canada pegged Canadian all-wheat production at 27.60 milllion metric tons, up 5.7% from its October estimate of 26.1 million tons and above trade estimates that averaged 26.7 million tons in a range from 26.0-27.5 million. Production was still down 6.1% from last year’s crop of 29.4 million tons.

While the wheat estimate was a surprise, StatsCan’s canola production estimate was a shock for oilseed markets. The agency pegged Canada’s crop at 17.2 million tons, up 20.3% from its October estimate and well above trade estimates that averaged 15.6 million tons in a range from 14.5-16.7 million. The canola crop was up 4.9% from last year’s 16.4 million tons.