By Commodity News Service Canada
WINNIPEG, May. 4 (CNS Canada) – Following are a few highlights in the Canadian and world feed grains markets on Wednesday, May 4.
– CBOT corn futures finished 1 to 3 cents weaker on Wednesday, with the July contract at US$3.7675 per bushel. The rapid pace of planting in the US pressured prices.
– According to fresh customs data, corn shipments from Argentina increased to 7.6 million tonnes in January to March which compares to 3.8 million tonnes during the same time period a year ago. Analysts say Argentina’s decision to eliminate the 20% export tax it had on corn is the main reason behind the increase.
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– Russia is expected to begin supplying wheat to China soon. In December of 2015 the two countries signed protocol agreements governing the supply of 5 types of grain crops from Russia to China; this included wheat, soy, corn, rapeseed and rice. However, shipping hasn’t started yet. Russia’s Minister of Agriculture says supplies should start moving soon from a limited number of Russian areas.
– Australian grain exports are somewhat sluggish right now as some farmers are reluctant to sell at current prices, according to a report in theland.com.
– Some analysts are speculating that hot, dry weather could lower Brazil’s second corn crop by 5.4%.
– Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$215 to C$218 per tonne range as of April 29, which was up C$3 to $5 from the week before, according to provincial reports. Feed wheat prices were in the C$233 to C$237 range, which were slightly narrower than the price range set the week before.
