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Canadian Peas Approach Record Territory
VANCOUVER - Nov 2/07 - SNS -- Grower markets for field peas in western Canada inched closer to setting new record trading levels during the past week.
Official bids now range up to CDN $340 per metric ton (MT) for farmers dressed product delivered western Canadian processing plants, $18.37 off the record paid in December and January of the 2001-02 marketing year.
Given the current strength of the Canadian dollar, which finished the week roughly three cents higher at U.S. $1.07 on spot markets, higher grower bids are directly affect export trading levels for the commodity.
Rabi or winter production levels on the Indian subcontinent are a key factor in determining price potential the first quarter of 2008. So far, traders there are optimistic about production prospects, but remain watchful of the weather.
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