Feed Grains: Stable corn crop condition support bearish tendencies

By Commodity News Service Canada

Aug. 22 (CNS Canada) – The corn crop in the United States remained stable during the past week with 62 per cent rated as good to excellent. That is the same overall compared to a week ago, but small improvements were seen in North and South Dakota fields. The United States Department of Agriculture’s latest weekly crop progress report said corn development continued to run behind the five-year average with 76 per cent at the dough stage compared to the average of 77 per cent.

USDA reports 70 per cent of barley is harvested compared to an average of 58 per cent for this time of year.

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Oats in the United States are 78 per cent harvested compared to the average of 83 per cent.

Germany’s winter wheat crop is expected to fall in the wake of repeated rain this summer. The country is expected to harvest 23.4 million tonnes of winter wheat this year, down three per cent from earlier forecasts.
Winter wheat harvest in Germany’s northern regions was still ongoing in some high-elevation areas because continual rain made it difficult to get equipment out onto sodden fields. Northern Germany produces most of the country’s wheat exports. Many farmers have bought grain dryers in hopes of limiting downgrades to feed quality.

Germany’s barley harvest is mostly complete and was not affected by rain as much because of its earlier start. German farmers are expected to harvest 8.8 million tonnes of barley.

Corn futures on the Chicago Board of Trade settled three cents U.S. lower for the September contract, which ended the day at US$3.46 per bushel. The December contract was also three cents U.S. lower, settling at US$3.60 per bu. The March contract declined 2.75 cents U.S. to US$3.72.5 per bu.