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| You are here :Home >> Cereal News >> Report | |||||||||
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| 2008-06-25 13:24:21 | |||||||||
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Barley acreage down, canola up in Canada Commodity Online This year’s crop patterns in Canada have got many surprises for the analysts. Statistics Canada released the figures this week and it has shown that barley acreage, which was expected to go up following the corn crisis in the US, has actually gone down and the farmers are going for canola in a big way. The report said Canadian farmers planted a record 15.812 million acres of canola. It seemed like almost nobody thought there would be any big shifts, but canola is a surprise. Despite the reported increase in canola acreage, the new number wasn’t seen by analysts in the industry as overwhelmingly bearish for the canola market, as poor weather conditions are expected to limit the overall production. While the number may likely have an initial bearish impact on the market, it won’t radically alter the overall canola situation in Canada. Farmers might be lucky that crop conditions haven’t been perfect otherwise the country would have a big price reaction but the acreage may not produce a lasting reaction this way. However, commodity brokers said the canola number would weigh on prices throughout the year and it would be good for crush margins. Meanwhile, wheat acreage was little changed at 25.099 million acres, down only moderately from the March estimate of 25.109 million acres. Pre-report estimates had called for a slightly larger decline in area. Durum rose to 6.100 million acres, up from the March figure of 5.900 million acres. Other than the canola figure, the barley acreage number also surprised the trade. The barley figure was lowered to 9.072 million acres in the June report, down from the original March estimate of 9.332 million acres. Pre-report estimates had called for a slight increase due to the fact that barley prices rose around seeding time and were thought to have tempted more acres. Barley prices have moved a little bit higher with corn but certainly now barley is looking cheap next to corn and supplies are tight. Area seeded to oats came in at 4.382 million acres, down from the March estimate of 4.485 million acres. |
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