April 28 – Stats Canada released its 2014 planting intentions report, showing Canadian farmers intend to increase their soybean acres to 5.3 million acres up 16% with Manitoba adding 250,000 acres. Production is also estimated to be returning to normal levels. US farmers are anticipated to increase soybean acreage by 6% to a record high of 81.6 million acres with North Dakota being one state looking at substantially increasing soybean acreage by 22% over 2013.
When it comes to pulse crops, field peas show a nearly 10% increase in seeded acres for the 2014-15 crop year. This may be due to relatively higher returns compared to other field crops. The US is also showing an increase in dry pea production up to 0.95million acres. Limited supplies of dry beans from 2013 is creating an opportunity for Canadian and American farmers to increase seeded acres but also puts pressure on price sensitive export markets.
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