By Rod Nickel and Dale Smith
By Rod Nickel and Dale Smith
WINNIPEG, Manitoba/OTTAWA, Dec 6 (Reuters) – Canadian farmers produced the smallest canola crop in 4 years, lower than anticipated, after unusually moist autumn climate that left thousands and thousands of acres unharvested, a authorities report confirmed on Friday.
Farmers produced 18.6 million tonnes of canola, down 8% from final yr, Statistics Canada reported, and 1 million tonnes lower than the typical commerce guess earlier than the report. Canada is the world’s largest canola producer and exporter.
Statistics Canada’s manufacturing report was primarily based on a survey of farmers that requested them how a lot of every crop they harvested or meant to reap. With greater than 2 million acres of canola alone left in frozen fields, the query was open to farmers’ interpretation this yr, analysts mentioned.
“It was a troublesome guess. You do not know how growers are going to reply with a lot canola beneath two toes of snow,” mentioned Ken Ball, senior commodity futures advisor at PI Monetary Corp.
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