Oat futures have climbed nearly $1 per bushel during the third quarter as shrinking Canadian production and tight U.S. supplies support prices. Farm Progress reports oat futures recently broke above $4 per bushel for the first time in two years. The rally comes as Canada, a key supplier to the United States, faces a sharply smaller crop. Statistics Canada estimates 2026 oat production at about 3 million metric tons, down 22.7% from last year. Harvested acreage is projected to fall nearly 20%, while yields are expected to decline 3.5%. The United States remains a net oat importer. Farm Progress says USDA projects U.S. production at 68 million bushels, compared with imports of 72 million bushels and domestic consumption of 138 million bushels. Ending stocks are estimated at 32 million bushels. Tighter North American supplies could continue supporting prices into 2027.
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