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Record Canadian Canola Acres Likely Higher Still

Canadian farmers are expected to plant record canola acres this spring, according to the April 26 Statistics Canada planting intentions report. However, actual area will likely end up higher still, according to market participants. Most other crops were in line with trade estimates.

Intended canola area was pegged at 16.907 million acres, which would be a 700,000-acre increase from last year. While it would be a new record, the StatsCan number was still at the low end of trade estimates. Market analysts are pegging canola acres at around 17.5 million acres.

All-wheat acres were estimated at 23.22 million acres by StatsCan, which was in line with market expectations, but down from the 24.45 million acres planted the previous year. Of the total, intended durum acres were down sharply to 3.68 million, from 5.66 million, while spring wheat increased to 18.13 million, from 16.93 million.

Canadian barley acres were forecast at 8.34 million acres by StatsCan, which was in line with trade guesses and slightly below the 8.66 million acres planted the previous year.

Oats were also in line with trade guesses at 3.99 million acres, a slight increase from the 3.73 million acres grown the previous year.

Flaxseed area was forecast at 1.43 million acres, which would be down from the 1.71 million acres grown in 2009, but in line with trade estimates.

Peas were pegged at 3.62 million acres, down slightly from the 3.76 million grown in 2009.

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Phil Franz-Warkentin - MarketsFarm

Phil Franz-Warkentin writes for MarketsFarm specializing in grain and commodity market reporting.

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