By Commodity News Service Canada
WINNIPEG, Dec. 9 (CNS Canada) – CORN futures on the Chicago Board of Trade climbed five to six cents higher on Friday, as the USDA left its estimate for US production in 2016/17 unchanged at 386.75 million metric tonne.
Feed wheat in Manitoba is up five cents on the week, according to the Prairie Ag Hotwire. Delivered elevator prices are coming in at C$4.86 per bushel.
India slashed its import duty on wheat yesterday. The government reduced the duty from the old rate of 10 percent to zero. The government says the move was needed to bump up imports and keep prices in the country from rising out of control.
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A forecast by the National Supply Company of Brazil says grain production will increase by 14.2 percent in 2016/17. That translates to 26.5 million tonnes more than the previous year, according to the National Supply Company.
The China National Grains and Oils Information Centre slashed its estimate for the amount of corn that will be used this year. The centre predicts 197 million tonnes will be used by the country in 2016/17, which is down two million tonnes from the previous estimate. The downgrade is largely due to expectations Chinese ranchers will turn to sorghum and barley instead of higher-priced corn as a feed supply.
Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$170 to C$175 per tonne range
as of December 2, which was the same as the previous week, according to the latest pricing information from the provincial government. Top end feed wheat prices were roughly the same, coming in at C$190 per tonne in Lethbridge.
