The FDA order to foodmakers to phase out artificial trans fats "will create opportunities for Canada's canola sector, especially high oleic varieties," says Commodity News Service Canada.
Canadian farmers are planting more wheat, corn, barley and oats than last year while cutting back on soybeans and canola, said Statistics Canada, based on a survey of 24,500 farmers from May 28-June 11.
Canadian farmers harvested their sixth record soybean crop in a row and their second-largest canola crop, said Statistics Canada, with the harvest season over. The canola crop was 11 percent larger than the previous StatsCan estimate in October and was 1 million tonnes more than traders expected. Canola is Canada's major oilseed, at 15.6 million tonnes this year, down from 18 million tonnes last year. Soybeans totaled 6 million tonnes this year, up 13 percent from 2013.
Analysts look for USDA to forecast the first-ever 4 billion-bushel U.S. soybean crop on Friday, along with possibly boosting the size of the record-setting corn crop.
Canadian growers reduced their wheat sowings by 7 percent from 2013 and put more land into canola and soybeans, says Stats Canada.