Chicago Board of Trade corn futures ended higher on Thursday, rebounding from a drop to near two-week lows after the U.S. Department of Agriculture (USDA) raised its estimate of the U.S. corn crop, traders said.
Saskatchewan’s harvest was more than halfway finished at 61 per cent complete, although not as much as the 68 per cent complete from one year ago. The figure was higher than the 42 per cent reported last week, the five-year average of 50 per cent and the 10-year average of 46 per cent. The southwest region was the nearest to completion at 85 per cent while the northeast region’s harvest was only at 34 per cent.
Coming within market expectations was essentially the central theme in the September supply and demand report (WASDE) from the United States Department of Agriculture released on Sept. 12.
There is a 71 per cent chance of La Niña weather conditions developing during the September to November period, a U.S. government forecaster said on Thursday.
A Russian missile hit a civilian vessel carrying grain from Ukraine that had already left Ukrainian waters in the Black Sea, President Volodymyr Zelenskiy said on Thursday.
U.S. wheat futures hit a one-week high on Wednesday, supported by signs that supply pressure from the Black Sea export region may be easing, analysts said.
The ICE Futures canola market held above major chart support during the week ended Sept. 11, as uncertainty over a Chinese anti-dumping investigation tempered any attempts at moving higher.
The Chicago Board of Trade (CBOT) will be focusing on the monthly World Agricultural Supply/Demand Estimates (WASDE) from the United States Department of Agriculture (USDA) on Sept. 12.
Harvesting in Manitoba reached 40 per cent complete according to the latest crop report from the provincial agriculture department on Sept. 10. The central region was furthest along a 51 per cent finished, followed by the eastern region at 47 per cent done, the southwest at 38 per cent, the Interlake at 34 per cent and the northwest at 25 per cent.
Chicago soybean futures fell to a one-week low on Tuesday, with the benchmark contract Sv1 retreating back under $10 a bushel as better-than-expected U.S. crop ratings bolstered production prospects and eased worries about recent dry weather.