By Commodity News Service Canada
WINNIPEG, May 27 (CNS Canada) – Following are a few highlights in the Canadian and world feed grains markets on Friday, May 27.
– CBOT corn futures were stronger on Friday, as solid export demand provided support ahead of the US long weekend. The July contract was up 4.5 cents, at US$4.1275 per bushel.
– The International Grains Council raised its estimate for global grain production in 2016/17 to 2.015 billion tonnes, which was up by 10 million tonnes from an earlier estimate. Of the total, wheat is forecast at 722 million tonnes and corn at 1.003 billion.
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– The IGC also raised its grain ending stocks forecast for the year by 2 million tonnes, to 474 million.
– South Africa’s corn crop has shown some improvement over the past month, with the country’s Crop Estimates Committee raising its production forecast 7.16 million tonnes, from an earlier estimate of 7.0 million. The crop would still be the smallest in eight years, and South Africa is expected to need to import at least 3.8 million tonnes, according to analysts.
– Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$205 to C$220 per tonne range as of May 20, which was up by two dollars on the top end, according to provincial reports. Feed wheat prices were in the C$236 to C$240 range, which were one to three dollars more than the week before.
