Canada recorded a bigger-than-expected trade deficit of C$1.1 billion in August, its sixth consecutive monthly shortfall, as imports rose while exports declined, Statistics Canada data showed on Tuesday.
Hot and dry weather saw crop conditions decline across much of Western Canada over the past month, with the latest model-based production estimates from Statistics Canada showing downward revisions in both canola and wheat production from the August report.
Average prices for the majority of crops grown in the Prairies were lower this July compared to the year before, while cattle prices continued to rise, according to Statistics Canada's (StatCan) monthly farm product prices released on Sept. 10.
Canadian canola ending stocks for 2023/24 were up significantly from the carryout the previous year, while revisions to the year-ago data saw wheat stocks tighten, according to the latest data from Statistics Canada released Sept. 9.
Statistics Canada released its crush report on Aug. 29, showing an increase in the amount of canola that was processed last month compared to the previous July. As for soybeans, its crush was significantly lower.
Canola prices at the Intercontinental Exchange (ICE) were on the rise for most of the week ended Aug. 28, until the release of Statistics Canada’s (StatCan) production estimates for the 2024-25 crop year on Aug. 28.
While the general direction for soybeans and corn on the Chicago Board of Trade is to continue moving lower, United States wheat was on the rise and is to remain so in the coming weeks, according to a trader.