Analysts were a bit surprised with the big jump in canola acres that Statistics Canada is predicting for 2017.
In it's first seeding intentions report of the season, Statistics Canada is estimating canola acres across Canada to reach a record high of 22.4 million acres this year. That number is up almost 10 per cent from last year.
Brian Voth, president of IntelliFARM Inc., find that number a little bit hard to believe.
"The trade was expecting 21.3, so a little over a million acres higher than the average trade estimate," he said. "Actually, that number comes in just about at the highest trade estimate out of everybody, and 2 million acres higher than last year's number. That's a pretty big switch right there in one year."
Voth notes that he was expecting to see an increase in canola acres with less lentils and peas in Saskatchewan and also less wheat acres overall due to quality issues last year. He wasn't anticipating the number to be that high.
Source : Steinbachonline