Feed Grains: Don’t count on corn rally anytime soon: traders
By Commodity News Service Canada
WINNIPEG, Aug. 16 (CNS Canada) – Corn futures on the Chicago Board of Trade stabilized this week following last week’s USDA report, but few analysts are talking up anything resembling a rally anytime soon. The United States Department of Agriculture predicted last week the third largest U.S. corn harvest ever, and corn futures nosedived. Prices continue to edge downward, but have stabilized somewhat since then. However, traders are not expecting a sudden turnaround with few buyers on the horizon and favourable crop conditions being reported.
Read Also
Feed Grains: Iowa Corn Growers President urges U.S. not to leave NAFTA
By Commodity News Service Canada Winnipeg, Jan. 19 (CNS) – Following are a few highlights in the Canadian and world…
Corn settled at US$3.52.5 today, down 2.75 cents U.S for the September contract in Chicago today. December was down 2 cents U.S. at US$3.66.5 and March contracts closed at US$3.78.25 down 2 cents U.S.
France recently raised its estimate for the nation’s soft wheat crop and projected more corn and barley for 2017.
The higher production follows last year’s smaller-than-expected harvest.
France’s farm ministry set its first corn production estimate of the growing season at 12.8 million tonnes, a nine per cent increase from 2016. That’s based on an average yield of 147 bushels per acre.
Barley production estimates were increased slightly to 12.3 million tonnes, from July. That’s an 18 per cent increase from August last year and includes both winter (9.6 million tonnes) and spring barley (2.6 million tonnes.)
Early cereals and pulses are coming off fields at slightly below last year’s pace in Ukraine, said UkrAgro Consult, a market analysis firm.
As of Aug. 14, 23.17 million acres, or 97 per cent of intended area had been harvested, compared to 23.69 million acres a year ago at this time. So far, farmers in Ukraine have brought in 36.07 million tonnes of cereals compared to 37.76 million tonnes a year ago.
That includes 25.82 million tonnes of wheat and 8.41 million tonnes of barley, compared to 9.77 million tonnes a year ago.
