Canadian farmers are expected to plant 25.0 million acres of wheat in 2022, up 1.6 million acres from last year and 800,000 acres more than traders expected, according to Statistics Canada. Mike Jubinville of MarketsFarm says, “The gain in wheat acres is more than I anticipated... likely attributable to strong prices and high worldwide demand.”
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Canadian canola acres are expected to total 20.9 million acres, down 1.6 million acres from last year and 1.2 million acres less than traders’ average estimate. Jubinville says, “This is a bit shocking to me. With demand for canola still very strong, and old-crop carryout likely to be drawn down to dust, without an exceptional yield in 2022, Canadian canola supply will remain quite constrained for the coming 2022-23 marketing year.”
