Firm Tone in Peas
PANAMA - Oct 5/18 - SNS -- Field pea markets finished the week's trading on a generally firm note against relatively strong export demand and worries about the yield potential of Canadian crops.
In its latest weekly crop progress report, Saskatchewan Agriculture said its crop reporters think yields in the province will be closer to 2,181 pounds per acre than the 2,278 estimated by Statistics Canada.
If the provincial estimates are accurate, Canada's harvest could be closer to 3.58 million metric tons (MT) than the 3.74 currently forecast by Statistics Canada. Such a reduction paves the way for Canada to end the marketing year with a stocks to use ratio under 10%, which is generally considered sold out.