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|Spring wheat, canola prices slump on big Canadian sowings
By William Clarke - Published 21/04/2017
Spring wheat and canola prices came under pressure, as the Canadian government reported larger than expected sowings.
According to a survey of farmers by Statistics Canada, all-wheat sowings are forecast at 23.2m acres, basically flat with last year, where analysts were expecting sowings to fall around 22.4m acres.
July Spring wheat futures in Minneapolis were down 0.8% in morning deals, at $5.31 ½ a bushel.
Alberta sowings soar
Spring wheat sowings were seen up 8.2% year-on-year, at 16.7m acres, with durum and winter wheat sowings sharply down.
Sowings in Alberta were seen rising by 10.0% year on year, to 7.4m acres, outweighing falls in Saskatchewan and Manitoba.
Saskatchewan farmers expect wheat area to decrease 2.7% to 11.8 million acres. This is due to an 18.8% drop in acres intended for durum wheat, to an anticipated area of 4.1 million acres.
Canola prices slump
Canola sowing intentions were also bigger than expected, at a record large 22.4m acres, where analysts were forecasting sowings of about 21.3m acres.
Farmers in Saskatchewan and Alberta are expected to sow record-high areas, at 12.3m acres and 11.1m acres respectively.
Producers in Manitoba are expected to cut sowings a touch, to 3.1m acres.
Lentil and pulse plantings were seen sharply down.
July canola prices were down 1.2%, at C$509.30 a tonne, after reaching five-week-highs before the data was released.
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