Optimism over thawing trade relations between the United States and China gave soybean futures at the Chicago Board of Trade a boost during the week ended Oct. 29, with the advances in the soy market spilling into corn and wheat.
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.
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.
Chicago Board of Trade wheat futures ended higher on Tuesday after falling to a five-year low on abundant global supplies. Corn also higher, while soybeans end down.
Chicago | Reuters — U.S. soybean futures rose for a second straight day on Wednesday on expectations that U.S. harvest yields will be lower than the latest government forecast and on limited sales by farmers awaiting news from U.S.-China trade talks and details of government aid. Corn followed soybeans higher as an expected yield forecast […] Read more
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.
Corn production in Mexico is to improve to 25 million tonnes in 2025/26, while the country’s wheat crop is to recede a little, said the United States Department of Agriculture attaché in Mexico City.