By Commodity News Service Canada
WINNIPEG, Oct. 3 (CNS Canada) – The United States Grains Council has issued a statement of support for continued strong trade with Canada under the North American Free Trade Agreement. Following the third round of talks intended to rework NAFTA, USGC’s Floyd Gaibler, director of trade, policy and biotechnology, characterized trade with Canada as critical to the industry.
“The council has built trusted relationships supported by the strong policies in NAFTA. The Canadian market is critical to our industry and this trade agreement provided the foundation for growth across the sectors we represent,” he said in a news release.
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By Commodity News Service Canada Winnipeg, Jan. 19 (CNS) – Following are a few highlights in the Canadian and world…
China’s corn production forecast has been estimated by the United States Department of Agriculture at 215 million tonnes, down from 219.5 million in the 2016-17 marketing year and down from 225 million tonnes in 2015-16. USDA estimates China’s corn stocks for 2017-18 to end the year 79 million tonnes.
The USDA also estimates wheat exports to Egypt will return to more normal levels. It projects Egypt will import 11.7 million tonnes in 2017-18. Wheat imports for 2016-17 were adjusted downward to 11.4 million tonnes from 11.5 million tonnes because of Egypt’s limited access to foreign currency. Egypt’s corn imports were projected to be 8.8 million tonnes for 2017-18. The country’s import projections for last year were reduced to 8.7 million tonnes from 9 million tonnes forecasted earlier.
The USDA’s latest crop progress update reports that the corn harvest is falling further behind the average pace for the week ending Oct. 1. Sixty-eight per cent of the corn crop was rated mature, compared to the average of 78 per cent for this time of year. Harvest was reported as 17 per cent complete, compared to the long-term average of 26 per cent.
The news of harvest running behind schedule did not rally futures prices as might be expected. Large worldwide supplies and the large size of the U.S. crop continued to drag on prices on the Chicago Board of Trade.
December and March corn futures were down two cents U.S. to US$3.49.5 per bu., and US$3.62.25 per bu. respectively. The May corn contract was US$3.71.25 per bu., down 1.75 cents.
