Big Pea Stocks Despite Low Residuals
PANAMA - Sep 7/16 - SNS -- Season ending stocks for field peas were lower than expected, with Statistics Canada saying there were just 176,000 (MT) on all positions on July 31.
Farmers said they had 100,000 MT in their bins, while companies said they were holding 76,000 MT, including 70,400 MT in the bulk handing system. Despite virtually no harvest progress the first two weeks of August, farmers delivered 167,700 MT of peas, suggesting on-farm inventories might be higher than estimated.
Of total on-farm inventories, Statistics Canada said 3,000 MT were in Manitoba, versus none last year. Farmers in Alberta said they had 25,000 MT in their bins, compared to 200,000 last year; while growers in Saskatchewan had 72,000 MT on their farms, down from 355,000 last year.
Last season's official exports ended up at 2.66 million MT, down from 3.09 the previous season. Given an opening supply of 3.88 million MT, the numbers show that inferred domestic consumption was a record 1.05 million MT, even though field peas traded at a premium to other livestock feed ingredients throughout the 2015-16 marketing year.
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