Canada Markets

The Canadian dollar has rallied against the U.S. dollar this month, although there are technical signals that suggest the move is reaching an end.

This study looks at the historical change in estimated production for select Canadian crops following the release of the August model-based estimates released in September.

November canola has slumped to potential support at the contract's 100-day moving average in Sept. 18 trade.

The USDA recently revised higher their estimate for China's 2022-23 canola/rapeseed imports, while over the past three years, the months of October and November have been the months where the largest volumes were shipped.

The largest changes in Statistics Canada's September production estimates, based on August model data, consist of an upward revision for spring wheat production, a lower revision for durum production, a lower revision for canola and a higher revision for corn.

USDA forecasts show the largest year-over-year drop in global canola/rapeseed production in 23 years, while global consumption is to rise to a fresh global record in 2023-24.

Wheat futures rose on Sept. 12 following bullish global estimates released by USDA.

Statistics Canada's initial production estimates as well as July 31 stocks estimates are added to AAFC's estimates for imports to calculate crop-year supplies for 2023-24. These are compared to estimated supplies for 2022-23 and the five-year average.

Saskatchewan Agriculture's first yield estimates for 2023 point to a larger crop than Statistics Canada's first model-based estimates would suggest.

Today's Statistics Canada's July trade data shows activity for the final month of the 2022-23 crop year for all crops except corn and soybeans.

Australia's winter crop is forecast to fall 33.6% from the previous year with crops in southern regions faring well while northern growing areas are facing unfavorable conditions.

Both large green lentil and red lentil bids delivered to Saskatchewan plants have shown strength over recent weeks. This week's Statistics Canada production estimates based on July model data came in below trade expectations for lentils, leading to uncertainty.