Canada predicts record soy crop

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Related tags: American soybean association, Canada, Agriculture, Soybean

Soybean acreage is expected to climb 4 per cent, opening the door
for a potential record soybean crop, according to U.S. ag attaché
in Canada, Kathleen...

Soybean acreage is expected to climb 4 per cent, opening the door for a potential record soybean crop, according to U.S. ag attaché in Canada, Kathleen Wainio, the American Soybean Association reports. The attaché says stronger wheat markets have led to the displacement some canola acreage in western Canada, while higher soybean acreage is due in part to higher per-acre production costs for corn and other alternate crops, especially if nitrogen fertilizer prices continue to increase. Relatively large world oilseed and product supplies, including non-oilseed oils such as palm oil, will again dominate the market and price outlook. Due to the European meat and bone meal ban, demand for Canadian oilseed meals has risen 5 million tonnes, equivalent to about twice total Canadian production. "However, the increased soybean crush necessary to supply this additional meal demand could prolong the burdensome vegetable oil situation,"​ said Wainio. "Production is expected to rise almost four percent above the 2000/01 production level to 2.8 million tones, making it potentially the largest ever soybean crop,"​Wanion continued. The rise in production will be offset by reduced imports. "With crush staying constant from the previous crop year, exports declining slightly, and increasing feed/seed/waste, the impact will send ending stocks slightly higher for 2001/02 over 2000/01 levels,"​ the attache concluded. Source: American Soybean Association

Related topics: Market Trends

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