Statistics Canada
www.statcan.gc.ca
Common menu bar links
Highlights
Situation report–March 2007
Archived Content
Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.
-
US corn growers intend to plant 90.5 million acres of corn this spring, the highest area since 1944 and at the top end of traders' expectations. Strong demand from ethanol plants has lowered US stocks and pushed corn prices up, thereby encouraging farmers to plant additional corn acres.
-
The increase in US corn area is expected to be partially offset by lower soybean acres. Farmers intend to plant only 67.1 million acres of soybeans in 2007, the lowest seeded area since 1996 and at the low end of traders' expectations.
-
US corn stocks at March 1 were 154.2 million metric tonnes, down 13% from March 1, 2006. By contrast, soybean stocks were up 7% from March 2006 and were the largest March 1 stocks on record at 48.6 million tonnes. Total wheat stocks at 23.3 million tonnes fell 12% with both farm and commercial stocks registering declines.
-
The Australian Bureau of Agriculture and Resource Economics (ABARE) forecast that Australian wheat production will rise to a more normal level of 24.98 million metric tonnes in 2007/2008 after last year's drought-reduced crop of 9.82 million tonnes.
-
Canadian barley farmers voted to end the Canadian Wheat Board's long-standing control over all sales of malting barley and export sales of feed barley. The Federal government intends to provide farmers with a choice on how to market their barley by the start of the 2007/2008 crop year beginning August 1, 2007.
-
Canola prices were maintained early in the month by news of export sales to China and Mexico and a weak Canadian dollar. However, prices declined as the month progressed on a lack of demand combined with weakness in the Chicago soybean complex and speculative selling. Farmers slowed deliveries at the lower values. There was a rally near month end on talk of renewed export demand and the possibility that canola seeded area may not be as large as originally anticipated. Chicago soybean markets traded lower on March 30 following the USDA prospective plantings report and the spillover sent canola futures' prices down.
