Chicago Board of Trade wheat futures hit contract lows on Thursday as low prices for Black Sea wheat and a stronger dollar undercut the competitiveness of U.S. grains, analysts said.
The work stoppage at the Canadian National Railway (CN Rail) and Canadian Pacific Kansas City (CPKC) will adversely affect feed grain sales and deliveries, according to one grain broker.
Chicago Board of Trade wheat futures Wv1 fell on Wednesday as heavy world supplies and cheap Black Sea exports weighed on prices, ahead of a potential Canadian rail stoppage on Thursday.
Corn and wheat prices at the Chicago Board of Trade (CBOT) were mostly steady during the week ended Aug. 21, while those for soybeans started to move upward.
Days before Statistics Canada presents its monthly principal field crop estimates, Agriculture and Agri-Food Canada (AAFC) released its estimates on Aug. 20, showing some changes to grains from the month before.
Nearly three dozen North American agriculture groups, in a joint letter to the U.S. and Canadian governments today, urged action to avoid a rail stoppage.
Corn yield prospects in both Ohio and South Dakota were below last year's findings, but higher than the three-year average, scouts on an annual tour of top U.S. production states found on Monday.
Chicago soybean futures rallied on Monday, recovering from nearly four-year lows as traders waited to see if a major field tour this week will support expectations of bumper U.S. yields.
Chicago Board of Trade soybeans and corn futures turned lower on Friday, with both also notching a third weekly loss, as farmers kept clearing out their grain bins ahead of a U.S. harvest that is forecast to see massive yields, traders said.