By Commodity News Service Canada
WINNIPEG, May 16 (CNS Canada) – South Africa’s Grains S.A. is forecasting a 3.5 million tonne surplus of corn in the country this year, as domestic production is expected to be up sharply following the previous year’s drought. With production forecast at 14.5 million tonnes and domestic demand at about 10.5 million, Grains S.A. said the country is looking to export the surplus. However, government officials have also expressed interest in setting up a strategic reserve, to help in the case of future droughts.
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Meanwhile, corn reserves in Kenya are at extremely low levels, with only 4,500 tonnes on hand after the National Cereals and Produce Board released 36,000 tonnes to millers last week. At a consumption rate of about 288,000 tonnes per month, the current reserves account for less than a day’s worth of demand.
The US corn crop was 71 per cent seeded as of May 14, according to the latest USDA report. That’s up one point from the five-year average. However, forecasts calling for rains later this week could cause more delays.
Chicago Board of Trade corn futures settled near unchanged on Tuesday, recovering from earlier losses by the close.
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 May 12, which were steady compared to the previous week, according to the latest pricing information from the provincial government. Top end feed wheat prices were up slightly, at C$187 to C$196 per tonne in Lethbridge.
