By Commodity News Service Canada
WINNIPEG, July 28 (CNS Canada) – The International Grains Council lowered its estimate for total world grain production in 2017/18 to 2.038 billion tonnes, down 11 million from the June estimate and well below the 2.126 billion 2016/17 estimated production.
Of the total, corn production is forecast at 1.020 billion tonnes, down five million from June and 52 million from the previous year. Projected world wheat production, at 732 million tonnes, was only revised slightly lower from the 735 million tonnes forecast in June and compares with the 754 million tonne 2016/17 crop.
Corn futures at the Chicago Board of Trade were steady to one cent per bushel higher on Friday, as persistent concerns over hot and dry weather across the Midwest provided support.
Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$195 to C$208 per tonne range as of July 21, according to the latest pricing information from the provincial government. Top end feed wheat prices ranged from C$210 to C$240 per tonne in Lethbridge.
