Feed Grains: Corn closes out August with a rally

By Commodity News Service Canada

Aug. 31 (CNS Canada) – Corn waved farewell to August with a flourish today, rallying on the Chicago Board of Trade 12.75 cents U.S. for the September contract to settle at US$3.42.25 per bushel. December rose 12.25 cents U.S. to US$3.5775 and March settled at US$3.7050 per bushel, up 12.25 cents U.S.

A Russian grain marketing firm is reporting that the country’s wheat exports are on a pace too slow to reach the high expectations set out for it in. The United States Department of Agriculture predicted Russia would export 31.5 million tonnes of wheat. But the slower start to the 2017-18 shipping season have exports running below the 600,000 tonnes per week need to meet the USDA outlook, with July exports running 9.9 per cent below last year’s pace. Last week, wheat shipments from Russia totaled 512,000 tonnes.

The USDA feed outlook report for August forecasts overall feed grain supply to fall by 102 million bushels in the U.S. for 2017-18. Most of that decline is based on lower corn yields.
USDA also reports that global coarse grains are expected to be lower for the month with corn production expected to decrease, but supplies will be somewhat offset by increases in barley, rye and millet.

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