Encouraging estimates confirmed in Canada
Agriculture and Agri-Food Canada has recently confirmed its estimates for 2020/2021. Although yields are expected to decline by 4% to 1.50 mt/ha, a larger area has been sown which should drive up production to 675,000 mt. Average prices should decline to CAD 550/mt. The surge in prices in Eastern Europe has prompted many buyers in the EU to turn to Canada. This has now, however, also driven up prices here and it remains to be seen when this will have an impact on demand.