Smaller Mustard Crop Forecast for 2014
VANCOUVER - Jan 25/14 - SNS -- Agriculture Canada believes mustard seed production will slip in Canada this year, despite relatively firm prices.
In its latest monthly review of Canadian mustard seed Agriculture Canada's market analysis branch in Winnipeg issued its first production forecast for 2014. It is important to note that Agriculture Canada does not survey growers and its forecasts should not considered official.
Looking at the general situation for the coming year, Agriculture Canada said, "(A)lthough world prices are expected to be pressured by abundant world supplies, prices in Canada are expected to be supported by a weak Canadian dollar which is anticipated to remain at a 5% to 10% discount to the U.S. dollar. In general, grain prices in Canada are forecast to be similar to 2013-14."
Looking specifically at mustard seed, Agriculture Canada thinks mustard seed production this year will total 145,000 MT from 371,000 acres, compared to 165,000 MT from 376,000 acres in 2013.
Agriculture Canada forecasts exports will reach 120,000 MT in 2014-15, compared to 130,000 MT this season. Domestic use is forecast at 35,000 MT in the coming marketing year, versus 41,000 this season.
Season ending stocks are forecast to finish the 2014-15 marketing year at 20,000 MT, versus 30,000 this season and 36,000 MT last season.
Agriculture Canada estimates grower bids will average between $765 and $795 MT for all classes of peas this season and predicts they will range between $775 and $805 MT in 2014-15.
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