By Commodity News Service Canada
WINNIPEG, July 10 (CNS Canada) – US corn sales dropped to a three-year-low last week, data from the United States Department of Agriculture said.
Analysts say increased competition from South America was responsible for the declines.
Like other growing regions this year, dry conditions are having an effect on Australia, and have the potential to cause the smallest wheat crop in a decade, according to reports out of the country.
Current projections peg this year’s crop at 23.3 million tonnes, due to drought in key growing regions.
Corn futures at the Chicago Board of Trade were eight to ten cents per bushel higher on Monday, underpinned by weather in the US Midwest.
CME cattle futures declined on Monday. Part of the losses were chalked up to seasonal weakness.
Spot prices for feed barley are between C$2.80 to C$3.85 per bushel in Western Canada, according to data from Prairie Ag Hotwire on Monday.
Spot feed wheat prices are between C$3.15 to C$5.88 per bushel in Western Canada.
