Canaryseed Residuals Likely Higher Than Expected
PANAMA - Aug 5/22 - SNS -- North American birdseed ingredient markets finished the week's trading on a moderately easier note, with markets adjusting to the pending harvest millet and canaryseed harvests.
At the same time, there is a better sense of residual canaryseed stocks in Canada, wih commercial inventories totalling at least 17,900 metric ons (MT), while on farm stocks would be expected to be at least 5,100 for a combined total of 23,000 MT.
A key implication is the marketing year started with more product than officially estimated. There is no evidence yields were above 827 pounds per acre, suggesting last year's seeded area was above 354,000 acres.
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