Final Production Tally Bigger Than Hoped
VANCOUVER - Dec 6/12 - SNS -- Statistics Canada's final production estimate for the 2012 crop did not deliver the bullish punch many traders were expecting.
At 5.06 million metric tons (MT), total specialty crop production in Canada came in 9% above its October forecast. This puts the harvest 11% over last year's 4.55 million MT crop, but down 12% from 2010's record 5.72 million MT result.
Except for mustard seed, the final tally for all specialty crops are higher than the October forecast. This happens frequently. During the past five years, the numbers in the final crop report were bigger than the October estimates by an average of 10% for all specialty crops and pulses.
It is important to note that Statistics Canada based its final crop estimate of the year on a computer assisted telephone survey of approximately 29,300 Canadian farmers between October 26 and November 14.
On balance, the increases in production are unlikely to have much impact on next summer's ending stocks or the medium term outlook for the market.
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