The Daily, Friday, March 1, 2002. Cereals and oilseeds review

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Cereals and oilseeds review

In January, Chicago futures prices were supported by a bullish set of reports issued by the United States Department of Agriculture on January 11. Soybean and, to a lesser extent, corn prices were initially buoyant, but prices slid in the last half of the month. China's new rules on genetically modified crops, scheduled to take effect March 20, introduced uncertainty. The market was also influenced by the strong US dollar and prospects for big US and South American harvests. The sluggish export pace continued to pressure corn prices. US wheat prices were flat despite last fall's historically low plantings of winter wheat.

Winnipeg futures held up despite declines in outside markets. Canola prices firmed near the end of January when China purchased canola for delivery prior to the March 20 deadline. Facing a lack of solid export and crush demand, prices were supported by a soft dollar and slow producer deliveries. Barley prices showed limited erosion over the month given the continued, substantial imports of US corn. Sizeable livestock numbers combined with the lowest stocks since 1984 confirmed barley producers' willingness to assume some inventory risk.

Data from the December issue of Cereals and oilseeds review are now available. The information includes data on production, stocks, cash and futures prices, domestic processing, exports, farmers' deliveries and supply-disposition analyses.

The January situation report, an overview of current market conditions, both domestic and international, is also included in the December 2001 issue of the Cereals and oilseeds review (22-007-XIB, $11/$112; 22-007-XPB, $15/$149), which will be available in March.

For more information, or to enquire about the concepts, methods or data quality of this release contact Les Macartney (613-951-8714; les.macartney@statcan.gc.ca), Agriculture Division.