Price Pessimism in Mustard
PANAMA - Sep 2/16 - SNS -- In its latest monthly review of Canadian mustard seed Agriculture Canada's market analysis branch in Winnipeg predicts mustard seed production this year will total 251,000 MT from 212,000 hectares, compared to 123,000 MT from 140,000 hectares last year resulting in lower average prices.
Agriculture Canada forecasts exports will reach 125,000 MT in 2016-17, compared to an estimated 115,000 MT last season. Domestic use is forecast at 46,000 MT in the coming marketing year, versus 40,000 last season.
Season ending stocks are forecast to finish the 2015-16 marketing year at 5,000 MT, versus 35,000 the previous season. Agriculture Canada thinks the coming marketing year could finish with 85,000 MT of mustard seed on hand.
Agriculture Canada said the average grower bid for all classes of mustard was $985 MT in 2015-16. It thinks the season average bid will range between $730 and $760 MT in 2016-17.
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