Canola prices in the region were lower on less than bullish data from the latest Statistics Canada report on Aug. 30. The survey, which is based on satellite imagery from July, indicated canola production in Canada will be 14.7 million metric tons (MMT), down 24 percent from last year. Before the report, trade estimates were wildly far apart, ranging from 11.5-16 MMT. This was perceived to be a neutral reading and canola prices responded lower following the report. Traders reportedly liquidated some long positions following the report, given the less than bullish surprise reading. While prices did move lower, the general feeling in the market is that this report will show the highest production number for the year and estimates will move lower as we get closer to the final December report. The USDA had only pegged the Canadian canola crop as low as 16 MMT in its August WASDE report and obviously this number will have to be revised lower.