Firm Undertown in Birdseeds
VANCOUVER - Jun 2/12 - SNS -- Birdseed ingredient markets finished the week with a firm undertone, helped by general strength in U.S. markets.
Both white proso millet and oil-type sunflower posted gains on the week over concern about how much land will go into the crops this year, as well as general volatility in currncy and commodity markets.
The U.S. based National Sunflower Association notes, "Funds led the heavy sell off last week on the CBOT. Given oilseed, meal and oil fundamentals the sell off may have been too aggressive.
"Planting progress has been way ahead of normal and is giving traders thoughts that yields will be above average this year. So far weather is not a factor but there is a long way to go before the crop is made in the Northern Hemisphere. Late July to early September is the critical time frame for oilseeds so price reductions at this point seem overdone."
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