By Commodity News Service Canada
WINNIPEG, April 25 (CNS Canada) – Following are a few highlights in the Canadian and world feed grains markets on Monday, April 25.
– CBOT corn futures were stronger on Monday, as weather concerns in Brazil and solid export demand for US corn provided support. The July contract was up 6.25 cents at US$3.8175 per bushel.
– While Brazil is usually a major corn exporter, the country’s domestic production problems have seen it suspend import tariffs in an effort to curb rising local prices. Some US corn has even been reportedly moving to the South American country. Some traders estimate that Brazil may need to import up to 700,000 tonnes of US corn before its own harvest.
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– The US corn crop was 30% seeded as of April 24, according to the weekly USDA report. The planting pace came in above trade expectations and was roughly double the level seen at the same point in 2015.
– Spring seeding is also moving forward at a quick pace in Ukraine, with 36% of intended corn acres in the ground and 98% of the spring barley, according to reports.
– Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$208 to C$218 per tonne area as of April 22 which was up at the top end but also down at the low end, according to provincial reports. Feed wheat prices were in the C$235 to C$240 range, which was relatively steady.
