Feed Grains: Large world grain crops expected

By Commodity News Service Canada

WINNIPEG, Nov. 15 (CNS Canada) – World cereal production in 2016 will be larger than earlier expected, according to a recent report from the United Nation’s Food and Agriculture Organization (FAO).

The FAO forecast total cereal production in 2016 at 2.571 billion tonnes, which would be up 1.5 per cent from the previous year. Larger wheat and barley crops in Russia, Ukraine, and other neighbouring countries were behind the increase. Meanwhile, the FAO expects world corn production to be down slightly from earlier estimates.

Looking ahead to 2017, early thoughts from the FAO are calling for both an increase in feed demand and grain production in 2017.

Corn futures at the Chicago Board of Trade were higher on Tuesday, with chart-based buying and a weaker US dollar index behind much of the strength.

Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$172 to C$180 per tonne range as of November 11, which was relatively steady compared to the previous week, according to the latest pricing information from the provincial government. Top end feed wheat prices were off slightly, to range from C$188 to C$190 per tonne in Lethbridge.

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