By Commodity News Service Canada
Winnipeg – Following are a few highlights in the Canadian and world feed grains markets on Friday, November 27.
– CBOT corn futures were lower on Friday, losing 5.5 cents in the March contract to settle at US$3.6725. Losses in the neighbouring wheat futures accounted for some spillover selling, with weekly US corn export sales of over two million tonnes somewhat supportive overall.
– The Chinese government is considering cutting its state support prices for corn by 10% in an effort to work through the large stockpiles the country is currently sitting on, according to reports out of Beijing.
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– China’s big corn supplies are also cutting into the Asian country’s demand for US sorghum, according to reports. Domestic US prices for the grain have dropped as a result, but that is leading to increased demand from the US hog sector and may translate into increased acres going forward.
– Grain movement between Russia, Turkey, and Ukraine has a large question mark in front of it these days, given the larger geo-political issues at play between the three Black Sea bordering countries. Russian grain exports to Turkey may be halted according to some reports, but may be occurring as per usual according to others. In the meantime, Ukrainian exporters have said that they could pick up any slack if Russia stops selling grain to Turkey.
– Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$220 per tonne area as of November 20, according to provincial reports. Feed wheat prices are in the C$230 range. The average bids for both grains were relatively steady compared to the previous week.
