Canadian farmers intend to plant fewer canola acres this spring, a move that could further tighten global supplies of edible oils at a time of already reduced availability, a government report showed on Tuesday. The report indicated a shift to increased wheat, corn, lentil and soybean plantings. Planting prospects from agricultural exporters like Canada are being closely watched this year as tight crop supplies push global food inflation to a record high.
Canola plantings are expected to fall to 20.897 million acres, down 7.04% from 2021, Statistics Canada reported. The estimate was below the average trade guess of 22.11 million acres, according to a Reuters poll of analysts.