Statistics Canada this morning surprised the oilseed trade with a lower-than-expected canola production projection of 17 MMT, down 1.2% from 2015 and down from 18.1 MMT expected by the trade. A reduction in seeded acreage in Alberta and Manitoba due to rain prompted the decline in potential harvest. Average yield, however, is expected to average 38.0 bu. per acre, even with a year earlier.
The agency pegs total Canadian wheat production at 30.5 MMT, up 10.5% from 2015. If all those bushels reach the bin, the harvest will be the second-highest in 25 years, following the record 2013 crop in excess of 31 MMT. The boost in production comes from a higher average yield of 48.9 bu. per acres, up 14.3% from 2015's 42.8 bu. per acre.