By Commodity News Service Canada
WINNIPEG, March 15 (CNS Canada) – The US wheat market is following weather forecasts across a large portion of the winter wheat belt closely, as forecasts for sub-freezing conditions have the potential to damage fields that are already nearing the flowering stage in some cases.
Large amounts of grain left to overwinter in Western Canada will soon be coming off the fields, weather permitting, with much of the overwintered crops likely destined for the feed sector. Those supplies are already weighing on prices, although just how much will actually be harvested remains to be seen.
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Chicago Board of Trade corn futures were firmer on Wednesday, boosted by solid export demand, solid weekly US ethanol production, and speculative buying interest. However, large South American crops remained a bearish influence in the background.
Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$155 to C$162 per tonne range as of March 10, which were steady compared to the previous week, according to the latest pricing information from the provincial government. Top end feed wheat prices were steady, at C$175 to C$180 per tonne in Lethbridge.
