Feed prices on the Canadian Prairies are likely to remain steady for the time being, said Brandon Motz, a manager at CorNine Commodities in Lacombe, Alta.
The United States grain and oilseed markets are currently dominated by two factors, said Ryan Ettner, broker with Allendale Inc. in McHenry, Ill. Ettner said those are the absence of a trade deal with China and the ongoing United States government shutdown.
Analysts have raised their estimates for Australia’s wheat harvest, a Reuters poll showed, as better-than-expected yields in western cropping regions boosted the production outlook despite losses caused by dry conditions in parts of the south.
While demand and activity is slowly ramping up for the fall cattle run, feed grain prices are currently in decline, said a Lethbridge, Alta.-based trader.
Thanks to a stretch of good weather, Alberta farmers advanced their harvest 12 points during the week ended Sept. 29 to 89 per cent complete. The Alberta agriculture department said that’s seven points above the five-year average.
Hard red spring wheat bids in Western Canada were weaker during the week ended Oct. 2, as losses in United States futures and seasonal harvest pressure weighed on values.
Emotional trading was guiding activity at the United States commodity markets, said Ryan Ettner, broker with Allendale Inc. The McHenry, Ill.-based Ettner said that particularly held true for Chicago Board of Trade soybeans and corn to a lesser extent.