On Friday, April 27, Statistics Canada released its farmer-survey based results of 2018 acreage intentions. Specifically, for lentils, the results were surprising.
StatsCan says that Canadian farmers will plant 4.05 million acres of lentils.
Going into the report, the market was expecting to see between 3 million and 3.85 million, so you could argue that this report is slightly bearish for lentils prices.
Compared to last year’s 4.41 million acres, 2018 Canadian lentils acres are down by roughly 350,000 or 8%.
Compared to the five-year average of 3.97 million, 2018 Canadian lentils acres are slightly up by 2%.
Check out the breakdown by province in the chart below.
We have to keep in mind that this survey took place back in March. Given some of the extended winter conditions we’ve seen in Canada, there’s a strong possibility that we could see different final numbers.
In fact, on average, StatsCan’s first estimate in April tends to be 340,000 acres or 8.4% lower versus what the final acreage number in December tends to be.
This means that perhaps we could expect the final December acreage number for lentils could approach the 4.4 million acres mark.