MOSCOW: Corn futures on the Chicago Board of Trade fell 11 to 13 cents per bushel on Wednesday as the USDA predicted production in the US would exceed previous estimates. Production is expected to hit 15.2 billion bushels with yields of 175 bushels an acre.
Wheat prices on the Chicago Board of Trade were also pressured by the USDA forecast. The agency pegged global wheat inventories for the 2016-17 season at 249.2 million metric tons. Cash bids for oats in Western Canada may be topping out. Spot bids as high as C$3.00 per bushel were being offered in the Yorkton area, but quality was better than expected and farmers have taken advantage of warm weather to harvest additional acres, likely keeping a cap on the upside.
Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$170 to C$180 per tonne range as of November 4, which was up one to five dollars from the previous week, according to the latest pricing information from the provincial government. Top end feed wheat prices were also slightly firmer, ranging from C$188 to C$195 per tonne in Lethbridge. Russia has lowered its forecast for grain exports by five million tonnes to 35 million tonnes, according to a report on World-Grain.com. Wheat exports were also lowered by two million tonnes to 28 million tonnes.
