Canada's rail shutdown may still delay loading of some bulk grain ships at the country's west-coast ports despite the government's move to end a stoppage at the nation's two largest railroads, traders and analysts said.
Chicago Board of Trade wheat futures hit contract lows on Thursday as low prices for Black Sea wheat and a stronger dollar undercut the competitiveness of U.S. grains, analysts said.
Saskatchewan reported 15 per cent of its harvest was complete, compared to 21 per cent at this time last year, but higher than the five-year average of 13 per cent and the 10-year average of 11 per cent. In the southwest region, 29 per cent of its harvest was complete while the northwest region was only at one per cent complete.
Chicago Board of Trade wheat futures Wv1 fell on Wednesday as heavy world supplies and cheap Black Sea exports weighed on prices, ahead of a potential Canadian rail stoppage on Thursday.
Corn and wheat prices at the Chicago Board of Trade (CBOT) were mostly steady during the week ended Aug. 21, while those for soybeans started to move upward.
Most of Manitoba’s fall rye and winter wheat crops came off the ground, while the harvesting of other crops for the most part started during the week ended Aug. 19, according to the province’s weekly crop report.
Days before Statistics Canada presents its monthly principal field crop estimates, Agriculture and Agri-Food Canada (AAFC) released its estimates on Aug. 20, showing some changes to grains from the month before.
Nearly three dozen North American agriculture groups, in a joint letter to the U.S. and Canadian governments today, urged action to avoid a rail stoppage.