April 12 (Bloomberg) -- Canadian grain and oilseed growers may boost seeding by 12 percent this year amid favorable weather, Agriculture and Agri-Food Canada said today.
Total planted area may rise to 26.345 million hectares (65.1 million acres), up from 23.524 million a year earlier, the government agency said in an e-mailed statement. Production of grains and oilseed may rise 7.4 percent to 70.72 million metric tons, boosting exports 1.4 percent to 33.568 million and increasing reserve inventories before the 2013 harvests 11 percent, the agency said.
Canadian farmers may boost wheat planting by 11 percent this year to 9.68 million hectares from 8.737 million in 2011. Production may rise to 26.1 million tons, from 25.261 million harvested last year. Canada is the fourth-largest exporter, trailing the U.S., Australia and Russia.
Wheat futures have declined 9.5 percent in the past year on the Minneapolis Grain Exchange as world inventories are forecast to rise to the highest since 2001 before this year’s northern hemisphere harvest.
Canola plantings are expected to increase 8.1 percent from last year to a record 8.25 million hectares, Agri-Food Canada said. Prices are up 11 percent this year on the ICE Futures Canada exchange in Winnipeg.
The area seeded with barley will rise 22 percent to 3.2 million hectares, from 2.619 million a year ago, the agency said. Oat planting may jump 27 percent to 1.6 million hectares.
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