Canada's canola planted area is expected to rise this year for the first time since 2017, with farmers encouraged by soaring export prices amid strong global oilseeds demand.
Canada is estimated to plant 21.53mn acres with canola in 2021, up from 20.78mn acres a year earlier. This would be Canada's largest canola planted area since 2018, and the first annual rise in the planted area since 2017, latest data from national statistics agency StatCan show.
Farmers in Saskatchewan — the largest canola producing province — are on track to plant 11.8mn acres, up by 500,000 acres year on year, while Alberta farmers are expected to sow 6.3mn acres, up by 460,000 acres from a year earlier.
The increase comes as growers look to capitalise on soaring canola export prices amid thinned global supply.
Canada's fob canola price reached a record high of $748/t on 21 April, up by $78/t since the start of the month, and up by $353/t since the start of the 2020/21 marketing year in August, data from the EU show.
Canada's domestic oilseed crushing demand has also rocketed in recent months amid firmer prices. Around 958,000t of seeds were crushed in March, which was Canada's highest monthly crushing pace ever, having outstripped the previous month by 161,000t, StatCan data show.
Canada — the world's largest producer of canola — is estimated to produce around 18.72mn t of the product during the current 2020/21 marketing year, down by 880,000t year on year.
