Statistics Canada has surprised investors and analysts by cutting its estimates for this season’s Canadian wheat and canola output because of ‘excessive rains’ across the Prairie provinces. The new Statistics Canada wheat harvest estimate is set at 27.7 million tons – down from last year’s record crop of 37.53 million tons. AAFC, Canada’s farm ministry, set their estimate at 27.74 million tons while outside analysts expect 28.5 million tons. StatsCan set canola production at 13.91 million tons while investors are forecasting a harvest of 14.5 million tons and the AAFC is forecasting a harvest of 14.45 million tons. Harvested acreage for wheat is estimated to fall by 2.6 million acres with Saskatchewan seeing more than half the loss acreage. Saskatchewan also saw a large drop in canola acreage, losing 450,000 acres after heavy storms this season.
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