By Commodity News Service Canada
WINNIPEG, Dec. 11 (CNS Canada) – The Australian Bureau of Agriculture and Resource Economics and Sciences (ABARES) expects to see a significant drop in grain exports out of the country in 2017/18 as production was down on the year and domestic feed demand is expected to be strong.
Australian wheat exports are now forecast at 16.8 million tonnes, which would be down 24 per cent on the year. Total coarse grain exports (sorghum and barley) are forecast at 6.3 million tonnes. While that’s up slightly from an earlier estimate, it would still be well below the 10.7 million tonnes exported the previous year.
Corn futures at the Chicago Board of Trade posted small losses on Monday, taking some direction from the declines in soybeans and wheat as traders adjusted positions ahead of the USDA’s monthly supply/demand report on Dec. 12.
Feed barley bids in the key cattle feeding area of Lethbridge, Alberta held steady during the week ended Dec. 8 to range from C$220 to C$225 per tonne, according to the latest pricing information from the provincial government. Feed wheat prices were down by five dollars on the top end, to also range from C$220 to C$225 per tonne in Lethbridge.