The May USDA Oil Crops Outlook predicts a canola yield improvement this year of 73 pounds per acre. Based on an estimated 2.27 million acres planted and 2.19 million harvested, this is expected to result in a 4-billion-pound crop, which would be an increase of 200 million pounds from last year. With larger beginning stocks, the U.S. is expected to rely less on canola seed imports. The net result is an increase of 80 million pounds in the new year forecast to 5.5 billion pounds.
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Canola markets weaker as planting reaches midway point
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