Canola top revenue earner
Farm gate receipts for canola deliveries in 2011 reached $7.3 billion in Canada, up 30.6 per cent from 2010, according to Statistics Canada’s report from February 23.
“Canola provided Canadian growers a strong revenue outlook for 2011, which is why we saw over 18 million canola acres last year,” says Pat Van Osch, chair of the Canola Council of Canada board of directors. “Record canola acres combined with strong prices and good average yields led to the 30 per cent increase in farm gate receipts.”
On average, canola prices were 26.8 per cent higher in 2011 than in 2010, Stats Canada reports.
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Revenue results from 2011 should bolster canola’s overall contribution to the Canadian economy. A report released by the CCC in July 2011 put canola’s contribution to the Canadian economy at $15.4 billion annually. The canola industry is responsible for 228,000 jobs in Canada, including 43,000 canola growers as well as jobs in research, grain handling, transportation, marketing and processing.
“When Canadian canola growers do well, as they did in 2011, it has a ripple effect through the whole Canadian economy,” Van Osch says.
Farm gate receipts for wheat, the next biggest crop by revenue, were $5.1 billion, up 31.5 per cent from 2010.
Larger wheat, corn, rice stocks worldwide, soybeans fall
washington / reuters World wheat stocks will swell to record levels this year and corn stocks will be larger than expected despite severe drought in South America, according to the latest U.S. government forecast.
But traders say the slight easing of the global grain outlook after years of tight stocks and rising prices won’t excite futures markets.
“There isn’t anything here to zip this market on up and, given that we’re at the upper range of trading ranges, we’ll probably fall back a little,” said Chicago analyst Jack Scoville.
“Wheat is the stronger number of the bunch but there isn’t anything to blow your socks off.”
USDA forecasts world wheat ending stocks will be a record 213.1 million tonnes. It also cut its estimate for South American soybean production and increased its prediction for U.S. corn exports.
