By Commodity News Service Canada
WINNIPEG, May 10 (CNS Canada) – Following are a few highlights in the Canadian and world feed grains markets on Tuesday, May 10.
– CBOT corn futures were up on Tuesday, with the July contract rising 12 cents to settle at US$3.81 per bushel.
– The USDA released its first supply/demand forecasts for the upcoming 2016/17 marketing year on Tuesday, pegging US corn ending stocks at 2.153 billion bushels. That was below average trade guesses closer to 2.3 billion, but still the largest in nearly thirty years and well above the 1.803 billion bushels expected to be carried out from the current crop year.
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– The USDA numbers included downward revisions to the Brazil and Argentina corn production estimates now pegged at 81 million and 27 million tonnes for 2015/16 respectively. Corn production in Argentina for 2016/17 is forecast at 34 million tonnes by the USDA, and at 82 million tonnes for Brazil.
– US corn production for 2016/17 is forecast at 14.43 billion bushels by the USDA, which compares with 13.60 billion in 2015/16.
– A 61,000 tonne shipment of British feed wheat is set to move to the US, according to customs reports. That would mark the largest British wheat sale to the US since at least 1992 (when records stop). A bumper UK crop and strong US corn prices were cited as reasons for the business.
– Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$215 to C$218 per tonne area as of May 6, which was steady on the week, according to provincial reports. Feed wheat prices were in the C$236 to C$240 range, which was up by about three dollars on average.
