By Commodity News Service Canada
WINNIPEG, Sept. 7 (CNS Canada) – U.S. corn futures fell Thursday based on expectations that a large American crop would swell an already massive global supply. Technical selling also played a role, as some traders sought profits following corn’s climb to a two-week high on Wednesday.
Corn futures at the Chicago Board of Trade fell 5.75 cents U.S. for both the December and March contracts. December was US$3.55.25 per bushel, March was US$3.67.75 per bu. The May contract was US$3.75.5 per bu., down 5.5 cents.
Read Also
Feed Grains: Iowa Corn Growers President urges U.S. not to leave NAFTA
By Commodity News Service Canada Winnipeg, Jan. 19 (CNS) – Following are a few highlights in the Canadian and world…
The United States Department of Agriculture feed outlook report for August forecasts feed supplies will decline by 102 million bushels in 2017-18 due mainly to lower corn yield. However, the data was gathered before more recent expectations showed improved prospects for corn yields.
As well, USDA predicted global supplies of coarse grain to be lower on lower corn production overseas, but that should be offset by more barley, rye and millet.
Production of key crops in Poland is expected to increase 7.5 per cent this year compared to last year, according to the Global Agricultural Information Network report from USDA. Production of wheat, rye, mixed grains and triticale, barley, corn and oats are expected to reach 31.9 million tonnes. Most of the increase is due to better yields and larger seeded cereal acreage.
The largest production increases are expected for rye (up 27.3%), mixed grains and triticale (28.4%). Wheat production is forecast at 11.3 million tonnes for 2018-18, up 4.4%.
