Canadian farmers set to plant more canola than expected
Canadian farmers may plant more canola than the 8.82 million hectares previously reported by Statistics Canada, Reuters reports.
According to a survey conducted by the publication, farmers will also maintain 7,608,000 hectares of spring wheat and increase barley acreage due to the sharp rise in fertilizer prices due to the war with Iran. Farmers note the continued rise in canola prices and the search for “safe” crops to grow amid geopolitically unstable demand.
Canada is the world’s largest producer and exporter of canola seed and is among the top five wheat exporters.
Analysts note that when the Statistics Canada survey was conducted, canola prices were below the cost of production, but farmers can now profit from growing canola at today’s forward prices, so, according to the survey, farmers will likely increase their acreage. The likely increase is 150,000-200,000 hectares.
Analysts also note a general increase in prices for oils and oilseeds.
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