By Commodity News Service Canada
Sept. 26 (CNS Canada) – French wheat pricing, southern hemisphere crops and Russia’s export capacity are moving wheat export markets, according to Mercantile Consulting Ventures Inc., a crop consulting company. Russia and former Soviet Union countries are currently leading world wheat exports.
United States spring wheat production is expected to be 3.51 million tonnes lower than last year, Canadian spring wheat should be almost the same as last year and Russian spring wheat production is projected to be 2.12 million tonnes more than last year, according to Mercantile Consulting.
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The value of European Union cereal exports has declined from August 2016 to July 2017 compared to the same period a year ago, according to the EU’s monthly food trade report. Wheat exports fell 1,623 million euros, (down 24%) while other cereals fell 828 million euros, a fall of 34 %.
Wheat import values also decreased by 363 million euros (-24%).
Corn futures on the Chicago Board of Trade are being dominated by weather and harvest concerns as cooler temperatures and rain arrive in many corn-growing areas. Analysts’ expectations vary depending on which crop report they believe. Crop progress reports yesterday showed harvest at 14 per cent complete. December corn ended today at US$3.52.25 per bushel, down 1.5 cents U.S., March settled at US$3.65.25 per bu., 1.25 cents U.S. lower, and May settled at US$3.73.75 per bu., down 1.0 cents U.S.
