The Grain Farmers of Ontario says there is an increased forecast for global soybean production.
In his grain commentary, Marty Hibbs says Oil World increased its forecast to 312.2 million tonnes, up slightly from its previous forecast of 312.1 million tonnes and well above last year's mark of 283.8 million. The week of February 23 saw a healthy range on the March soybean contract as they traded between $9.90 and $10.30 per bushel. Next week should clarify whether or not these are legitimate signals or just a false blip.
And Hibbs points to reports of 12 traders and analysts that show Canadian farmers are leaning toward planting slightly less canola and more durum wheat.
Canada will plant 23.9 million acres of “all wheat,” which includes spring wheat and durum, as well as winter wheat that matures this summer, according to the average estimate.
That would be slightly more than last year’s 23.8 million acres, and the second-biggest area in six years.
