By Commodity News Service Canada
WINNIPEG, Oct. 4 (CNS Canada) – Statistics Canada’s new data for corn stocks estimate corn production across the Prairies to be at 1.504 million tonnes for 2017. Manitoba accounts for 1.383 million tonnes and Alberta makes up 121,000 tonnes. In 2016, Manitoba produced 1.169 million tonnes, while Alberta produced 63,500 tonnes
Ontario corn production is estimated at 8.978 million tonnes this year, up from 8.052 million tonnes a year ago.
Cool, damp weather is reportedly delaying corn harvests in many regions of the United States corn belt, particularly in North Dakota and Minnesota. As of the latest crop progress report released Oct. 1, only two per cent of corn in North Dakota had been harvested by Oct. 1, compared to the 11 percent average for this time of year. The Minnesota harvest is just getting underway. Lower-than-average temperatures have delayed maturity.
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The Indian government said it will likely raise import duties on wheat to 20 or 25 per cent to encourage its farmers to seed more acreage. The import tariff would likely slow the rate of wheat coming into India, pushing up prices for local farmers as the seeding season for the winter crop approaches. A final decision is expected soon, said an unnamed official source in the Economic Times of India. India currently charges a 10 per cent import duty on wheat.
Corn futures on the Chicago Board of Trade fell again today. Nearby contracts have fallen 8.36% from a year ago and have declined 12.77% from three months ago. Expectations for large worldwide supplies and a good harvest looming in the United States continue to dominate the market. December futures were down 1.2 cents U.S. to US$3.48.25 per bushel. March contracts were down 1.0 cents U.S. to US$3.61.25 per bu. and May was down 1.0 cents U.S. to US$3.70.25.
