CNS Canada — Following are a few highlights in the Canadian and world feed grains markets on Tuesday, Oct. 13.
• CBOT corn futures were up by three to four cents per bushel on Tuesday, as a rally in the neighbouring soybean market provided support. However, the advancing U.S. harvest and improving yield prospects kept corn within a narrow range overall.
• U.S. cattle futures hit their best levels in two weeks yesterday, which could hint at improving feed demand.
• Harvested U.S. corn acres will be down slightly from earlier expectations, but average yields are forecast to be larger than originally thought, according to the U.S. Department of Agriculture’s latest supply/demand estimates released on Friday. Overall, the government agency is forecasting U.S. corn production at 13.555 billion bushels,down 30 million bushels from an earlier estimate.
• World corn carryout may be a bit tighter than earlier thought, with USDA pegging global supplies at the end of the 2015-16 marketing year at 187.8 million tonnes, which compares with the September estimate of 189.7 million and the estimated 2014-15 carryout of 196.0 million tonnes.
• Feed barley bids in the key cattle feeding area of Lethbridge are in the C$212 to $220 per tonne area, according to provincial reports. Feed wheat prices are in the C$215 to $228 range.
• G3 Canada, formerly known as the Canadian Wheat Board, is building a 50,000 tonne port terminal in Hamilton. The facility is expected to be operational by 2017 and will export grains and oilseeds out of southern Ontario.
• The Environment Committee of the European Parliament has opposed a draft law that would allow any EU member state to prohibit GMO food or feed within its borders. The majority of the committee was of the opinion that such a proposal would prove unworkable due to the need to reintroduce border controls between pro and anti GMO countries.
• The Kazakhstan grain harvest is 97 per cent complete, according to reports from that country’s agriculture ministry. Total grain production is estimated at 18.9 million tonnes, which compares with 15.3 million last year.