Canada's Grain Planting Soars Amid Favorable Weather: Statistics Canada Report

Agriculture – Canada increases grain planting estimates on supportive weather

The latest report from Statistics Canada shows that farmers in the nation are expected to increase the planting of grain in 2023 compared to a year ago following supportive weather conditions, high prices, and stronger demand.

Statistics Canada forecast all-wheat plantings to increase to 26.9m acres (+6.7% year-on-year), marginally down from previous estimates of 27m acres but exceeding the market expectation of 26.5m acres. For soybean, the agency revised the planting area projections from 5.5m acres to 5.6m, in line with market expectations. Similarly, corn planting acreage projections were increased from 3.7m acres to 3.8m, up 5.5% YoY. The agency stated that favourable weather conditions in most parts of Canada helped complete the planting on time.

The General Statistics Office of Vietnam released trade volume estimates for June which show that coffee exports are seen at 150kt, up 9.1% compared to 137.5kt reported a year ago. However, the coffee export estimates for June are down 9.1% compared to the 165kt shipped in May. In the first half of 2023, coffee exports are projected to fall by 2.2% YoY to 1.02mt. The overall decline in exports could be attributed to severe rains that have battered the country.