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Canada Reduces Wheat Output Forecast as Weather Hurts Crops

Posted October 06, 2014

Under Economic Issues, International Trade Issues

(Jen Skerritt – Bloomberg)

Canada lowered its forecast for domestic wheat production, and farmers will harvest more canola than previously estimated, the government’s statistics agency said today.

Wheat output will drop to 27.5 million metric tons from a record 37.5 million in 2013, Statistics Canada said in a report. The average estimate of analysts surveyed by Bloomberg was 27.7 million, the same as the government forecast in August. The canola crop will reach 14.1 million tons, compared with the prior projection of 13.9 million and a record 18.0 million last year. The latest figure matched analysts’ estimate. Read more here.