Chicago Board of Trade soybean futures ticked down on Wednesday, after the National Oilseed Processors Association (NOPA) reported that U.S. crushing plunged in April to a seven-month low.
United States wheat futures rose sharply during the week ended May 15, while corn and soybean futures at the Chicago Board of Trade (CBOT) were in a rangebound, up-and-down pattern.
Chicago Board of Trade soybean futures dipped on Tuesday as analysts said the market was disappointed that U.S. President Joe Biden's administration did not include used cooking oil on a list of tariff increases on Chinese goods.
Chicago Board of Trade wheat futures rose on Monday, hitting nine-month highs on worries about crop losses in top-exporter Russia after multiple nights of frosty weather in key regions.
Chicago corn futures advanced on Friday after the U.S. Department of Agriculture (USDA) projected U.S. stockpiles of the grain below market expectations.
Overall spring seeding of all crops in Alberta was just over 18 per cent complete, according to the province’s first crop report of 2024. The pace was nearly seven points above the five-year average.
The United States Department of Agriculture’s (USDA) May World Agricultural Supply/Demand Estimates (WASDE) released May 10 featured the first production and ending stocks estimates for the 2024-25 marketing year.
Prices for wheat on the Canadian Prairies were either side of steady by the week ended May 9. There were losses for Canadian Western Red Spring Wheat and Canadian Western Amber Durum, but Canada Prairie Red Spring Wheat incurred increases.
Chicago wheat futures rose on Thursday as Russia declared a state of emergency in key grain-growing regions due to frosts, while soybeans and corn fell ahead of a monthly U.S. Department of Agriculture supply-and-demand report due on Friday.
Sufficient supplies of domestic barley and wheat along with the ongoing influx of corn from United States, have continued to keep a lid on feed grain prices on the Canadian Prairies. That’s especially so in southern Alberta, according to Darcy Haley, vice-president of Ag Value Brokers in Lethbridge.