Rabobank led a round of upbeat estimates for Canada's wheat output, pegging it at a record high, amid a continued round of positive talk over the harvest, and ahead of a much-anticipated official forecast.
Rabobank, in a report giving downbeat forecasts for prices of wheat and other crops, said that Canada's harvest would hit 33.98m tonnes, a result which would be an all-time high, beating the 1990 record of 32.1m tonnes.
"The harvest is progressing well," the bank said.
Which such an outcome would represent a considerable upgrade from the 31.5m tonnes forecast by the US Department of Agriculture, and the 30.7m tonnes expected by Canada's own farm ministry, many other commentators believe that official estimates are too low.
Separately on Wednesday, consultancy Lanworth raised its estimate for the harvest by 2.2m tonnes to 33.0m tonnes, saying that "late season [satellite] imagery indicates an additional increase to a historically-high yield in Saskatchewan".
The revision led an upgrade of Lanworth's forecast for the world crop by 2m tonnes to 706.1m tonnes, offset in part by a small downgrade to the Argentine crop.
And brokers are expecting a revision on Friday by Statistics Canada to its harvest forecasts to show a figure of 32.9m tonnes, up 2.3m tonnes from the current estimate.
StatsCan is expected also to lift its estimate of the canola harvest by 1.9m tonnes to 16.6m tonnes – implying record production of both the rapeseed variant and wheat.
'Average to above-average yields'
Ideas of a strong harvest have been boosted by harvest reports, with Saskatchewan farm officials last week saying that, across crops, "average to above-average yields are being reported in most areas".
The spring wheat yield in the province was coming in at an average of 46 bushels per acre, up 3 bushels per acre from the previous figure, issued two weeks before.
For canola, the average yield was 38 bushels per acre, also 3 bushels per acre higher than the previous estimate.
In Manitoba, spring wheat yields are coming in at 45-60 bushels per acre in eastern areas, and up to 85 bushels per acre in the north west, provincial officials said overnight.
However, rain had slowed harvest progress in many parts of the province.