May 7, 2007

USDA: Canada oilseed production to slightly increase in 2007/2008

The US Department of Agriculture in its "Canada Oilseeds and Products, Oilseeds Annual Report 2007" report said Canada's oilseed production for 2007/2008 is seen to reach 12.9 million metric tonnes (MMT) posting a marginal increase from the 12.8 MMT produced a year earlier due to off-setting increase and decreases in canola and soybean production, respectively. Prairie farmers have been optimistic about the crop year as summer uncultivated crops as of March 31 this year stood at 3.3 million hectares.

The increase was also due to government's announcements on increased demands on renewable fuel.

Large bumper soy stocks and increased production will enable Canadian canola exports to surpass 2006/2007 levels while soybean meal imports is expected to increase 5 percent from the 2006/2007 levels.

For the full USDA report, please click here