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.
Ukraine's 2024/25 grain exports are likely to decrease to around 40 million metric tons from almost 51 million tons in 2023/24 due to a smaller harvest, the first deputy agriculture minister Taras Vysotskiy said on Friday.
Chicago wheat extended gains on Thursday as traders assessed whether increased tensions between Russia and Ukraine and persistent dryness in grain production areas around the world may curb global wheat exports, analysts said.
Feed grain prices on the Canadian Prairies have been pushing higher and are likely to continue on that upswing for now, said CorNine Commodities Ltd. trade manager Travis Ebens.
Combining in Saskatchewan is virtually complete with the provincial report putting the harvest at 97 per cent finished overall. That's a gain of six points during the week ended Oct. 7, as parts of the province contended with rain delays.
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.
Chicago Board of Trade corn and soybean futures ticked higher in choppy trading on Wednesday, boosted by strength in the financial markets and as traders adjusted positions ahead of a government supply-and-demand report, market analysts said.
Fertilizer plants, livestock feed facilities and at least one large flour mill in Florida closed on Wednesday in preparation for Hurricane Milton's destructive winds, heavy rain and deadly storm surge.
Combining in Manitoba advanced 12 points at 85 per cent complete for the week ended Oct. 7. While some crops made great amounts of progress, others did not. The largest gains were made in the province's soybean and flax harvests as they are up 41 points apiece at 70 and 61 per cent finished respectively.