Tough Canadian crops are coping all right with our wild weather
Canada’s wheat crops held up to a scorching drought and snow deluge better than analysts expected.
Output of wheat will rise 6 per cent from a year earlier to 31.8 million metric tons, Statistics Canada said Thursday in a report.
The new forecast, a turnaround from its prediction of a 3 per cent drop back in August, also exceeded the average estimate of 31.5 million tons in a Bloomberg survey.
“When you look at the kind of weather we had — the blistering heat in August followed by one of the worst falls people can remember — you would think we wouldn’t have been able to pull off these results,” Ken Ball, a senior commodity futures adviser at PI Financial in Winnipeg, said.
Earlier in the season, swaths of the prairies were parched amid below-average rainfall, leading to estimates that both wheat and canola production would tumble amid reduced yields. Unusually wet, cool weather slowed the harvest and snow damaged crops.