CANADIAN FARMERS CUT WHEAT PLANTINGS, GOVERNMENT SAYS
Canadian farmers planted less wheat and more canola than previously expected, government agency Statistics Canada said on Thursday. Statistics Canada pegged all-wheat plantings at 26.641 million acres, down from its March estimate of 27.045 million acres and 26.932 million acres in 2023. The agency estimated Canadian canola plantings at 22.007 million acres, compared to its March estimate for 21.394 million acres. For soybeans, plantings were estimated at 5.743 million acres, up from the agency’s March estimate for 5.582 million acres. U.S. farmers also expanded soy plantings this year, seeking to minimize losses.
(Link: Reuters)
IGC: GRAIN PRICES CONTINUE TO SLIDE
Grains and oilseeds prices continued to decline in the International Grains Council’s (IGC) latest Grain Market Report, released on June 27. The index is 16% lower than in June 2023. The biggest month-on-month decline was for wheat, which saw prices drop by nearly 12% compared to May. Barley prices also saw a big month-on-month decline, falling 9%. Corn and soybeans are forecast to see the biggest year-on-year price decline in the 2024-25 marketing year at 22%, with both falling by 6% from the previous month. Bucking that trend is rice, which has seen prices increase by 22% year-on-year and only a 1% decline from the IGC’s May forecast.
Rice production for 2024-25 was revised higher by 7 million tonnes to a record 528 million tonnes. Corn and wheat production for 2024-25 are seen as essentially unchanged from the previous year. Soybean output and consumption in the upcoming marketing year are projected to shatter previous highs at 415 million and 404 million tonnes, respectively. Although total grains carryover stocks were revised slightly higher from the previous month, they are still projected to decline by 9 million tonnes year-on-year to 528 million, the lowest total in a decade.
(Link: WorldGrain)
