By Commodity News Service Canada
July 12 (CNS Canada) – Today’s crop production report by the United States Department of Agriculture shows a decline in the expected acres of corn harvest. The report, issued July 12, estimates harvested acres for corn at 83.5 million acres, a fall from 86.75 acres in 2016. The report did not set an average yield per acre estimate for 2017 but for 2016, average corn yields were 174.6 bushels per acre.
In the same report, oats was forecast at 53.7 million bushels, down 17 per cent from 2016. The average yield for oats based on conditions as of July 1 is forecast at 61 bushels per acre, a decline of five bushels form 2016
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Also in the USDA report, barley was forecast at 143 million bushels, down 28 per cent compared to 2016. Average yields were forecasted at 73.8 bushels per acre, 4.4 bushels less than a year ago. The largest decreases are expected in North Dakota and Washington due to dry conditions.
Corn settled in Chicago at US$3.85.5, down 16.25 U.S. cents for the September contract and at US$3.98.75, for December, down 15.5 cents U.S. Expected large carryout stocks revealed in the USDA Agricultural Supply and Demand Estimates pressured prices lower.
The following are July 3 selling prices for bulk feed ingredients at selected points listed by Agriculture Canada.
– Corn, FOB Vancouver C$240 per tonne
– Corn, FOB Calgary C$234 per tonne
– Corn, FOB Montreal C$190 per tonne
– Wheat, FOB Calgary C$205 per tonne
– Wheat, In-store Thunder Bay C$178 per tonne
– Wheat, FOB Montreal C$220 per tonne
