MarketsFarm — As the U.S. northern Plains continue to deal with severe drought conditions, the U.S. Department of Agriculture (USDA) has significantly lowered its 2021-22 ending stocks estimates for wheat — especially durum and spring wheat. According to USDA’s monthly world agriculture supply and demand estimates (WASDE) released Monday, 2021-22 ending stocks for wheat are […] Read more
USDA pegs wheat ending stocks to be lowest since 2013-14
CBOT weekly outlook: USDA reports generate immediate turnaround
MarketsFarm — Commodity prices for corn, soybeans and wheat made a very quick turnaround on Wednesday following the release of two major reports from the U.S. Department of Agriculture (USDA). “At 11 o’clock corn was down 14 cents per bushel and went limit up 40 cents,” commented Scott Capinegro of Barrington Commodities in Barrington, Ill. […] Read more
CBOT weekly outlook: Wet weather pressures markets ahead of USDA report
MarketsFarm — After hot and dry weather sent corn and soybean prices climbing higher in early June, much-needed rains brought bids down at the Chicago Board of Trade on Wednesday. Weather accounted for “90 per cent” of the pricing influence, according to Sean Lusk, vice-president of the commercial hedging division for Walsh Trading in Chicago. […] Read more
Barge backlog starts moving as Mississippi River reopens
Over 1,000 barges waiting to pass
Chicago | Reuters — The Mississippi River reopened to vessel traffic near Memphis on Friday, the U.S. Coast Guard said, ending a shutdown of part of the waterway that caused a backlog of more than 1,000 barges carrying oil, corn and other goods. The Coast Guard said the river is open to all vessel traffic […] Read more
U.S. barge backup worsens as Mississippi River shut near Memphis
Chicago | Reuters — A traffic jam on the lower Mississippi River swelled to 771 barges on Thursday as a fractured bridge near Memphis closed the waterway that is crucial for U.S. crop exports. The shutdown fueled concerns about shipping U.S. grain and soy to export markets at a time when global inventories are slim […] Read more
CBOT weekly outlook: Look for May USDA report to be bullish
New WASDE will include first projections for 2021-22
MarketsFarm — With the next supply and demand estimates from the U.S. Department of Agriculture (USDA) a week away, broker Ryan Ettner provided his outlook on the report. “[Soybean] exports have been good enough to meet the USDA’s expectations,” but maybe not enough to adjust any of their numbers, said Ettner, a broker for Allendale […] Read more
Canada’s soybean, corn acres projected to rise
StatsCan's estimates see Ontario, Quebec, Manitoba planting more
Statistics Canada’s first read of farmers’ intentions for the 2021 growing season shows more Canadian acres going into both soybeans and corn. Farmers nationwide anticipate planting 5.3 million acres to soy in 2021, up 5.5 per cent from 2020, StatsCan said in its field crop survey released Tuesday. “An increase in anticipated (soy) area is […] Read more
USDA plans more pandemic programs for disadvantaged farmers
Review found disparities in farm aid distribution
Chicago | Reuters — The U.S. Department of Agriculture said on Wednesday it will dedicate at least US$6 billion to help smaller-scale and socially disadvantaged farmers who were hurt by the pandemic, along with producers of organic food and other specialty crops. The agency said it would also increase by approximately $5.6 billion payments made […] Read more
ICE weekly outlook: Canola’s correction likely short-lived given tight supplies
MarketsFarm — The ICE Futures canola market ran into a profit-taking correction on Wednesday, backing away from recently-hit contract highs. While a further correction is possible, the underlying fundamentals remain supportive and canola is expected to retain its relative strength to other oilseeds. “The market needs bullish fuel, but it’s just not getting any,” said […] Read more
CBOT weekly outlook: High U.S. corn prices cut into ethanol production
MarketsFarm — Upcoming reports from the U.S. Department of Agriculture are expected to steer Chicago Board of Trade (CBOT) futures, at a time when high corn prices in the U.S. may be cutting into ethanol production in that country. According to the U.S. Energy Information Administration’s report released on March 3, 849,000 barrels of ethanol […] Read more
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