By Commodity News Service Canada
WINNIPEG, Jan. 11 (CNS Canada) – CORN futures in Chicago
ended one cent lower on Wednesday as investors waited for the
release of the USDA’s supply and demand report on Thursday.
Favourable weather in South America was also bearish for corn.
The corn market is expected to receive some support, at
least in the short-term, from the bio-fuel market. Ethanol
exports from the US in 2016 (through November) are up 27 per
cent from the same time in 2015. Of that amount, 67 per cent was
shipped to Brazil, China and Canada.
The rains have come at long-last for South Africa’s corn
crop. The country was forced to import a massive amount of white
corn last year due to excessively dry conditions. The moisture
is most evident in the country’s interior, where the majority of
its white corn is grown. There are ideas, according to a report
from Eye-witness News, that this year’s harvest could be as much
as 13 million tonnes.
Bids for oats in Manitoba rose 19 cents overnight to a
range of C$3.16-$3.50 a bushel. Bids in Saskatchewan inched
upwards by two cents and are now going for C$2.76-$2.94 per
bushel, according to the Prairie Ag Hotwire.
Oat prices in Alberta increased by 10 cents over night and
are now going for C$2.40-$3.60 per bushel.
Feed barley bids in the key cattle feeding area of
Lethbridge, Alberta were in the C$165 to C$170 per tonne range
as of January 6, according to the latest pricing information
from the provincial government. Feed wheat prices were somewhat
higher, coming in at approximately C$185 per tonne.