On Tuesday Statistics Canada found that Western Canadian farmers have less canola and more wheat coming, or at least that was the situation at the end of July when it did its major crop production survey.
Nobody is talking about a 20 million tonne canola crop any longer, but the 17 million tonne estimate was a surprise to many, with most analysts estimating about 18 million tonnes before the report was issued. Ditto with the wheat estimate of 30.5 million tonnes, which was larger than many expected.
So what do you do about these changes to perceptions about the coming crops?
I bounced that question off analyst and risk management specialist Adam Pukalo of P.I. Financial in Winnipeg. Here is our conversation: