Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– Israel attacked the Iranian capital of Tehran last night, targeting the country’s nuclear program and killing two of the country’s top military officers. Iranian Supreme Leader Ayatollah Ali Khamenei warned “severe punishment” would be directed at Israel and launched drones towards the country. As a result, crude oil prices surged by nearly US$5 per barrel.
– The Canadian Grain Commission reported 158,400 tonnes of canola were exported during the week ended June 8, compared to 175,100 tonnes in the previous week. With eight weeks left in the marketing year, total canola exports are at 8.682 million tonnes compared to 5.564 million one year ago. Wheat exports for the week were 550,100 tonnes, slightly more than the 535,100 reported the week before. Wheat exports this marketing year are at 21.438 million tonnes, compared to 21.284 million last year.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– The United States Department of Agriculture released its June supply/demand estimates on Thursday, which showed very few changes from the May report. Projected carryout for old and new crop corn, as well as new crop wheat were trimmed down. World corn and wheat ending stocks were also tighter while those for soybeans were higher. Production estimates for South American corn and soybeans were left unchanged.
– Weekly export sales of old crop U.S. corn hit a nine-week low at 791,300 tonnes for the week ended June 5, according to the USDA. Meanwhile, a marketing-year low of 61,400 tonnes of old crop soybeans were exported. Old crop wheat export sales totaled 184,000 tonnes. New crop sales were 58,100 tonnes for soybeans, 388,900 tonnes for new crop wheat and there were net sales reductions of 29,600 tonnes for new crop corn.
