By Commodity News Service Canada
Winnipeg – Following are a few highlights in the Canadian and world feed grains markets on Tuesday, November 10.
– CBOT corn futures were down at midday Tuesday, November 10, with the December contract down seven cents, at US$3.60 per bushel, as the market reacted to the latest USDA supply/demand data. The government agency raised both its US and world corn ending stocks numbers above expectations. Total world corn supplies, by the end of the 2015/16 marketing year are now forecast at 211.91 million tonnes by the USDA, more than the 187.83 million predicted in October.
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– Corn production in the European Union may have been down on the year in 2015/16, but large carry-in supplies and upward revisions to barley and wheat production should keep the feed market under pressure, according to data as of the end of October. The EU Commission lowered its corn production estimate for the EU-28 to 57.4 million tonnes, which would compare with 77.9 million tonnes the previous year. However, barley production is now estimated at 60.9 million tonnes, which would be up from 60.2 million a year ago and nearly 2 million tonnes above the September estimate. Wheat production was raised by nearly five million tonnes, to 149.2 million, which would be 500,000 tonnes above the 2014/15 crop.
– Ukraine has exported 14.5 million tonnes of grain during the 2015/16 marketing year to date, according to government reports. Russia, meanwhile, has exported 16.4 million tonnes of grain during the current crop year (beginning July 1), which was down from the 20.5 million tonnes during the same period the previous year.
– Saudi Arabia has restructured its main grain growing agency – the General Silos and Flour Mills Organisation – and is renaming it the General Grains Organisation, according to reports from the country.
– Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$215 to C$220 per tonne area as of November 6, according to provincial reports. Feed wheat prices are in the C$220 to C$230 range. The low-end bids for both grains were up from the previous week, while the top end of the ranges held steady.
