More than 20 million tons of canola can be harvested by Canadian farmers by the end of the 2022/23 marketing year. This is reported by “Argus Media” concerning the forecast of analysts of the Ministry of Agriculture and Food of Agri-Food Canada (AAFC).
Suppose the analysts’ expectations of the North American Ministry of Agriculture are justified. In that case, the final indicators of the oilseed harvest can exceed the possible estimate of the gross harvest in 2021/22 MY by more than 7 million tons.
The increase in the crop is expected due to a rise in yield indicators, according to AAFC, while sown acres are expected to decline 3% during the year – to 8.8 million hectares – as farmers switch to other crops.
Canadian canola yields are expected to increase 65% y/y to reach 2.31 tons/ha in the 2022/23 season, close to MY 2020/21 levels (2.34 tons/ha).
In terms of canola exports, they are expected to recover from 5.4 million tonnes in 2021/22 to 10 million tonnes in 2022/23 (10.5 million tonnes in 2020/21 MY).
AAFC expects Canada’s top canola production numbers for the 2022/23 season will be driven by biodiesel demand, global oilseed production and weather, which experts predict at average temperatures and moisture.