Higher yields to compensate for sowing
Contrary to expectations, StatsCan has refrained from revising its estimates on sowing for 2022/2023. Farmers have, thereby, sown an estimated area of 351,000 ha, which is 16% down on last year. As yields should range higher than last year as heat and drought impacted the crop, production is expected to climb by 120,000 mt to 466,000 mt. Prices would, however, have to tumble for Canada to become competitive again, especially in Europe. Although prices no longer range at record highs, they are still holding firm.