Spring wheat cash prices were mixed for the week ended Oct. 31, as pressure from declines in United States wheat futures were countered by support from a weaker Canadian dollar that encourages more export sales.
As wheat production in Argentina is projected to increase in 2024/25, according to the United States Department of Agriculture attaché in Buenos Aires, the country’s corn output is to be smaller than in the previous year.
Harvest operations in Alberta are virtually complete for 2024, the province’s crop report said. Combining advanced three points to 99 per cent finished as of Oct. 22 as well as being three points above the five-year average.
Hard red spring wheat bids in Western retreated from their recent highs during the week ended Oct. 17 as a downturn in the United States futures weighed on prices.
Hard red spring wheat bids in Western Canada moved to their highest levels in three months during the week ended Oct. 10, as a firm tone in the United States futures and sharp weakness in the Canadian dollar provided support.
World wheat inventories have fallen from record highs five years ago, U.S. data shows, as poor weather hurt output and Russia's 2022 invasion of Ukraine temporarily spiked grain prices.