Feed grain prices on the Prairies stayed relatively steady for the week ended Sept. 25 as low cattle numbers in feedlots and light test weights for grains limit price gains.
U.S. wheat futures turned higher on Wednesday as worries about crop prospects in top global exporter Russia sparked a round of short-covering, analysts said.
U.S. soybean and corn futures climbed to two-month highs on Tuesday, following broad gains in commodity and equity markets after China unveiled economic stimulus measures, but pared gains as forecasts called for improved crop weather in South America, analysts said.
While producers could feel the pinch of a strike at the Port of Vancouver's grain terminals within a week, the markets won't feel much of a hit unless the strike continues for three or four weeks, analysts said.
Chicago Board of Trade soybean futures hit nearly a seven-week high on Monday as uncertainty about Brazilian planting weather and the size of the U.S. harvest sparked a round of fund-driven short-covering, analysts said.
The net fund short position in canola grew in mid-September, as speculative selling took the futures to contract lows, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Hard red spring wheat bids in Western Canada moved lower during the week ended Sept. 19, as losses in the United States futures and seasonal harvest pressure weighed on values.