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Canaryseed Drop Lifts Markets
VANCOUVER - Apr 28/06 - SNS -- If Canadian canaryseed growers intend to boost seeded area this year because they think the commodity is due for a bull run, they are keeping it a secret.
Several processors and growers have been talking openly about the idea that the canaryseed price cycle has reached the moment where it is due for a bull run. This was expected to result in a preemptive increase in plantings.
Instead, Statistics Canada found growers plan to slash seedings from 475,000 to 316,000 acres. This had no impact on grower bid levels in western Canada, but importers report asking prices are up around U.S. $30 per metric ton for Canadian canaryseed on spot markets.
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