By Commodity News Service Canada
WINNIPEG, June 9 (CNS Canada) – Following are a few highlights in the Canadian and world feed grains markets on Thursday, June 9.
– CBOT corn futures were down on Thursday, as profit-taking weighed on values despite solid weekly export sales. The July contract was down 4.75 cents at US$4.2650 per bushel.
– The USDA reported weekly old crop corn sales of 1.5 million tonnes with an additional 120,000 tonnes of new crop business.
– The strong old crop export pace is expected to lead to downward revisions in the USDA’s carryout forecasts, with updated numbers due out on Friday, June 10.
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– Production issues with the corn crop in Brazil have forced livestock feeders in the country to switch to wheat instead, with food quality wheat being used in some cases due to tight feed wheat stocks, according to reports.
– Forecasts are calling for frost in some corn growing regions of Brazil this week, which could cut into the yield prospects for the currently developing crop.
– Japan received no offers for its routine feed grain tender. The country’s agriculture ministry had been looking to purchase 120,000 tonnes of feed wheat and 200,000 tonnes of barley, according to reports.
– Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$208 to C$213 per tonne range as of June 6; down by C$2 to C$4 from the previous week, according to provincial reports. Feed wheat prices were in the C$232 to C$235 range, which were down by as C$5 from the previous week.
