Stats Canada Crop Estimates Above Expectations - Canola Record High
Stats Canada released their crop production estimates for 2008/09 today, with the three major crops of canola, wheat and barley all coming in above expectations.
The canola crop was pegged at 12.642mmt, compared to trade expectations of 11.10-12.50mmt, and almost a stunning 2mmt up on September's estimate of 10.87mmt. The canola crop shows an increase of more than 3mmt on the 2007/08 crop of 9.529mmt, and is the largest in Canadian history.
All wheat production was put at 28.611mmt vs trade ideas of 25.50-28.40mmt and 27.266mmt in September.
Barley is now seen at 11.781mmt, higher than the 11.20-11.70mmt estimated and 11.219mmt in September.
The canola crop was pegged at 12.642mmt, compared to trade expectations of 11.10-12.50mmt, and almost a stunning 2mmt up on September's estimate of 10.87mmt. The canola crop shows an increase of more than 3mmt on the 2007/08 crop of 9.529mmt, and is the largest in Canadian history.
All wheat production was put at 28.611mmt vs trade ideas of 25.50-28.40mmt and 27.266mmt in September.
Barley is now seen at 11.781mmt, higher than the 11.20-11.70mmt estimated and 11.219mmt in September.