Russia may increase the planting of oilseeds next year as farmers look for more profitable crops to replace low-margin crops such as wheat, Russia's main agricultural export, said Dmitry Rylko, head of the IKAR consultancy, on Wednesday.
Chicago Board of Trade corn futures jumped to a five-and-a-half month high on Tuesday, after the U.S. Department of Agriculture slashed domestic corn supply forecast by more than the market had expected.
Corn ending stocks in the United States will be tighter than earlier projections due to increased exports and demand from ethanol producers, according to updated supply/demand estimates from the U.S. Department of Agriculture released Dec. 10. The projected wheat carryout was also revised lower, while soybean stocks were unchanged.
Chicago soybean futures dropped on Monday on expectations for a hefty South American crop, while corn futures rose as traders anticipated world supply and demand estimates from the U.S. Department of Agriculture will show smaller U.S. stockpiles.
Exports of Canadian oilseeds and grains for 2024/25 largely continued to be ahead of those a year ago, monthly data from the Canadian Grain Commission showed. Bulk exports through licensed facilities during the first three months of the current marketing year are more than 12.22 million tonnes, which compares with the approximately 10.33 million the same time last year.
South America's agricultural sector, a key source of global food, celebrated on Friday as the regional Mercosur bloc and the European Union struck a free trade agreement, though farmers said they wanted to see the small print of the deal.
Domestic feed barley and United States corn imports are pretty much the same price in Western Canada, said Darcy Haley, vice-president of Ag Value Brokers in Lethbridge.
U.S. soybean futures firmed on Thursday, led by strong gains in soyoil as a smaller-than-anticipated canola harvest outlook in Canada stoked worries about tightening global vegetable oil supplies.