Statistics Canada on Tuesday reported that farmers intend to seed a record 20.37 million acres of canola this year, similar to what traders had expected.
On average, the trade in a pre-report Reuters poll expected 20.6 million acres of canola.
The increases in canola all come from Saskatchewan (up 970,000 acres) and Manitoba (up 525,000 acres). Alberta stayed the same in the StatsCan survey.
Generally, there were no big surprises, however Statistics Canada’s all wheat seeded area number is higher than expected, mostly due to a durum seeding number is 600,000 acres higher than the trade’s pre-report guess.
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Lentil prices on the Canadian Prairies eased back during the week ended July 28, said Levon Sargsyan, broker with Johnston’s Grain. Sargsyan noted that’s due to the recent rains that brought relief to some of the dry areas of the region.
Because the record canola acreage was expected, the StatsCan report is having little effect on ICE Futures Canada canola price this morning.
At about 11 am CST the May contract is trading at $626.80, up $4.40.
November is at $577.80 up $3.20.
Canola is getting good support from soybeans, which are supported by continued deterioration in estimates for the Argentine soybean crop and expectations of good demand for U.S. soybeans.
Oilseed analysts Oil World today lowered its outlook for Argentina’s crop to 42.5 million tonnes. That follows the country’s official forecast that dropped to 42.9 million on Friday. USDA’s April forecast was 45 million and the trade expects it to lower the forecast in the May report.
Minneapolis spring wheat futures are up this morning despite the larger than expected StatsCan wheat number. New crop December is up 7.75 cents at $7.95 at 11 am CST.
Statistics Canada’s survey of farmers showed producers intend to seed 24.32 million acres of wheat, all types. That is about 900,000 acres more than the trade’s average guess of 23.4 million.
StatsCan’s durum number is 5.1 million acres, up from the trades’ average guess of 4.5 million.
The survey said farmers intend to seed 17.18 million acres of spring wheat, up 27 percent from last year when excess moisture prevented sowing in many areas.
StatsCan pegged barley area at 7.97 million acres, up from the trade’s pre-report guess of 7.7 million.
Oats area is forecast at 3.39 million acres, spot on with the trade’s guess of 3.4 million.
Pea area is seen at 3.31 million. No surprise there, the trade also expected 3.3 million.
Growers told StatsCan they intend to seed 1.04 million acres of flax, up a little from the trade’s guess at 925,000.
StatsCan pegged lentil area at 2.46 million acres. There was no number from the trade on lentils.
Summerfallow acres are expected to plunge to 3.97 million, down 68 percent from last year as drier fields allow more seeding this year.
The March crop planting intentions survey was conducted between March 23 and 30 with about 13,400 farmers.
Stats Canada does not do national special crop acreage number but does include them in the Saskatchewan provincial results.
Growers in the province said they would seed 230,000 acres of mustard seed, down from last year’s 265,000.
Canaryseed area was pegged at 275,000 acres, up from 235,000 last year.
Chickpeas jump to 265,000, up from 105,000 last year.
Manitoba farmers said they intend to seed a record 800,000 acres of soybeans, a huge increase over the previous record set last year of 575,000.
Manitoba dry bean area is expected to increase to 145,000 acres, up from 60,000 last year.
Manitoba summerfallow area is expected to plunge to 200,000 acres, down from the flood affected 2.7 million last year.
