The U.S. Department of Agriculture has already projected that U.S. soymeal exports will hit a record 10.7 million metric tons (11.8 million tons) this year, but they could well top even that lofty forecast if domestic feed users switch from pricey meal to relatively cheap distillers’ grains (DDG) and free up more meal supplies for the export market.
Wheat traded with losses for three out of four sessions last week. For the week ending July 24, September Minneapolis dropped 10.5 cents, September Chicago was off 3.5 cents and September Kansas City slipped 13.25 cents.
Overall U.S. food inflation will remain near the historic norm in 2014, even as prices for meat and seafood are pushed higher by disease and widespread drought, the U.S. Department of Agriculture said on Friday.
It’s been two years since a devastating drought withered crops in the U.S. and sent the price of corn skyrocketing.
Now, U.S. farmers, including those in South Dakota, are preparing to harvest what is expected to be a massive corn crop for the second year in a row, even as the price of corn has tumbled to a level far below where it was a year ago.
Wheat lost ground in every session last week. Selling was tied to improving weather conditions in the plains, as well as from position squaring ahead of the July 11 U.S. Department of Agriculture reports.
An improved outlook for global bulk shipping rates spells bad news for grain exporters as they go into the latest sales campaign, with increased freight costs squeezing profit margins and adding to price competition in leading markets.
Wheat struggled last week with most of the selling tied to the June 30 bearish U.S. Department of Agriculture reports. For the short week ending July 2 (markets closed at noon on July 3 in observance of the Fourth of July and remained closed until July 7 at 8:30 a.m.), September Minneapolis dropped 27.5 cents, September Chicago dropped 18 cents and September Kansas City gave back 43 cents.
The U.S. Department of Agriculture’s June Grain Stocks report showed much larger June 1 stocks of both corn and soybeans than had been anticipated by the market. The Acreage report revealed much larger acreage of soybeans than had been anticipated, according to a University of Illinois agricultural economist.
WINNIPEG, Manitoba — Canary markets were dropping through the winter, but have been on the upswing since March, falling from 27 cents per pound at harvest to a late-winter low of 19 cents. They have been recovering gradually and now 22 to 22 ½ cents is available. Movement is normal. There doesn’t appear to be any difficulty in sourcing canary.
As of the June 26 close, July Minneapolis was down 11.5 cents, September Minneapolis was down 8 cents, July Chicago was 3 cents lower and July Kansas city gained 0.25 cents. Wheat futures were trading 5 to 10 cents higher the morning of June 27.
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