Market Drivers:
• Current weather forecast for hot, dry weather that may impact yield
• USDA’s lower yield estimates for new crop last week in the WASDE report
• This week’s USDA crop progress report lowered the crop condition rating which was anticipated
• Concern of the impact an early frost would have on crop yield
• A widely variable U.S. crop
• The field tour sponsored by the Pro-farmer Group reporting great corn crops in the eastern and northern states of the US Corn Belt
• Anticipated ample crop of corn and soybeans to bring up ending stocks
Highlights from Statistics Canada Report - Production of Principal Field Crops, July 2013
• Canadian farmers anticipate record canola production in 2013, as well as increases in wheat, barley and oats. Corn for grain production is also expected to surpass the record set last year, while soybean production may decrease.
• Ontario farmers anticipate a slight decrease in corn for grain production in 2013 compared with 2012, down 0.7% to 8.5 million tonnes. This is the result of a 1.8% decrease in harvested area, offsetting a 1.0% increase in average yield.
• Ontario soybean production is expected to fall 10.6% to 2.9 million tonnes in 2013. This decline is driven by combined decreases in harvested area, from 2.6 million acres in 2012 to 2.5 million acres in 2013, and in average yield, from 46.5 to 43.0 bushels per acre.
• Report available at http://www.statcan.gc.ca/daily-quotidien/130821/dq130821a-eng.htm
Disclaimer: This commentary is provided for information only and is not intended as advice
