Harvest from heck..lots of canola burried under snow PumpTards can't even get the harvesting weather right
WINNIPEG, Manitoba (Reuters) - Heavy snow and rain during harvest on the Canadian Prairies have left several million acres of canola buried until spring, the latest blow in a miserable year that may compound farmer problems into 2020.
Canola is renowned as Canada's most profitable crop, exported to China, Japan and Mexico to make vegetable oil and animal feed.
But in March, Beijing revoked the licences of Canadian exporters Richardson International and Glencore Plc's agriculture unit, Viterra Inc [VILC.UL], slowing China's overall purchases amid a broader diplomatic dispute.
Canola futures are down 3% year over year in the world's biggest canola-growing country despite severe harvest problems that normally would lift prices, adding further pressure to declining farm incomes.
This year will be remembered as the "harvest from hell," said farmer John Guelly, chairman of the Alberta Canola industry group. Canola's problems may even frustrate some from sowing it next year, he said.
"I think there will be a pullback in acres for sure.