Soybeans rose while corn eased on Friday as traders covered short positions ahead of the weekend while monitoring an incoming heatwave that could threaten some crops in the U.S. Midwest, traders said.
Harvest progress for major crops in Alberta more than tripled during the week ended Aug. 20 while heavy rains hit northern and central parts of the province.
More than 1,600 Prairie farms were hit by hail between July 29 and August 11, with the heaviest damage in Alberta, according to the Canadian Crop Hail Association (CCHC).
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.
Saskatchewan reported 15 per cent of its harvest was complete, compared to 21 per cent at this time last year, but higher than the five-year average of 13 per cent and the 10-year average of 11 per cent. In the southwest region, 29 per cent of its harvest was complete while the northwest region was only at one per cent complete.
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.
Most of Manitoba’s fall rye and winter wheat crops came off the ground, while the harvesting of other crops for the most part started during the week ended Aug. 19, according to the province’s weekly crop report.