Peas Ignore Area Estimates
PANAMA - Jul 4/16 - SNS -- Field pea markets were little changed in response to this year's seeded area estimates from Statistics Canada and the USDA.
Market reaction was partly muted by the fact the reports came out in front of a long four-day weekend. Canada celebrated its national birthday on July 1, followed by the United States on July 4. Also marking the start of the summer holiday season, many traders took extra time off.
Statistics Canada said farmers in that country boosted land in all classes of peas from 3.68 to 4.27 million acres; while the USDA reported a smaller gain, with area advancing from 1.14 to 1.27 million acres.
If yields are at their recent five-year averages, production in the United States would be expected to jump from 829,311 to one million MT; while the Canadian harvest could jump from 3.2 to 4.29 million metric tons (MT).
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