By Commodity News Service Canada
WINNIPEG, May. 3 (CNS Canada) – Following are a few highlights in the Canadian and world feed grains markets on Tuesday, May 3.
– CBOT corn futures finished 9 to 12 cents weaker on Tuesday, with the July contract at US$3.7975 per bushel. The market felt pressure from weather forecasts that called for favourable conditions across the US as well as the stronger US dollar.
– A lack of rain in Brazil could reduce the country’s winter corn crop by 5 to 10 million tonnes, according to an official from Bunge.
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– Egypt’s decision to build 17 new grain silos appears to be paying off. According to the country’s Minister of Supply, local producers have dumped 350,000 tonnes of wheat into the holding system.
– The European Commission has adjusted its corn stocks estimate for the European Union. The commission pegs EU stocks at 13.9 million tonnes, up significantly from the previous estimate of 13.2 million tonnes.
– South African is poised to begin importing 4 million tonnes of corn this week. A failure in this year’s domestic crop due to drought has led to the hefty imports. The government plans to buy 2.7 million tonnes of yellow corn and 1.1 million tonnes of white corn between now and April of 2017. Most of the imports will arrive in Durban, according to the city’s port manager.
– 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.
