The StatsCanada report basically told us all what we were expecting. Canadian canola planting are expected to be at a record level come June. A total of 22.4 million acres of canola is to be sown according the Canadian government.

Canadian wheat area was also above the trade estimates with all wheat area pegged at 23.2 million acres, almost identical to last year. The reduction in winter and durum wheat area is expected to be counted by increases in spring wheat area.
The big news is an expected drop of 18.8% in durum area in Saskatchewan where only 4.1 million acres are expected to be sown.

US grain futures closed a little either side of yesterday’s settlement, some profit taking helped to support values towards the close. The StatsCanada data weighed heavily on wheat futures in the US but some of the punters said that the recent sowing delays to wheat may be enough to see these area estimates lowered in the future. Talking their book maybe but I suppose they have to try.

European wheat values also fell in unison with the US markets. Dryness across much of France is keeping the Europunter on their toes but this early in the season they are still being a little cautious and globally speaking a million tonnes here or there is not enough to make much of a dint is what is a huge pile of grain.