StatsCan reports lower crop production due to drought

Grain markets are showing upward movement following Tuesday’s StatsCan report reflecting lower crop production due to drought.

StatsCan estimates the wheat crop at 21.7 million metric tons, down 38 percent and Canola will be the smallest crop since 2010.

Canola production is estimated at 12.8 million tons, down 34 percent from last year.

P.I. Financial Commodity Futures advisor Adam Pukalo says markets are reflecting price increases from the latest estimates.

In Saskatchewan, Stats Can estimates canola down 47 percent to 5.8 million metric tons and wheat reaching 9 million tons, down 44 percent.

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