Feed Grains: Chinese corn production down 3.4 percent

By Commodity News Service Canada

Winnipeg – Following are a few highlights in the Canadian and world feed grains markets on Tuesday, October 31.
Prices for feed barley in Manitoba are holding steady, according to the latest information from the Prairie Ag Hotwire. Bids are listed as C$3.45 to $3.55 per bushel.
Oat prices in Saskatchewan fell 24 cents and are going for C$2.38 to C$2.80 per bushel.
Feed barley bids in the key cattle feeding area of
Lethbridge, Alberta were in the C$205 to C$213 per tonne range

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as of October 27, which was roughly the same price compared to the previous week, according to the latest pricing information from the provincial government. Feed wheat prices were a couple of dollars softer at the low end, coming in at C$212 to C$220 per tonne in Lethbridge.
Corn futures at the Chicago Board of Trade finished around three cents weaker on Tuesday. The advancing harvest in the U.S. kept values in check while traders engaged in narrow, chart-based trading. China is expected to produce 212 million tonnes of corn this year, which is down 3.4 percent from 2016. Windstorms in Nebraska, Iowa and South Dakota damaged crops, which was supportive.
Corn prices in North Dakota fell one cent and are locked in a range of C$3.16 to C$3.37 a bushel.
A new report by Future Market Insights found that over US$20 billion worth of barley was consumed around the world in 2016. The report anticipates that by 2026 it will be closer to US$28 billion. Alcoholic beverages constitute 30 percent of the barley market.
According to a report from UkrAgroConsult, the world production of corn will hit 1.034 billion tonnes in 2017/18. That compares to 978 million tonnes the year before.
It appears Argentina’s wheat exports could drop further than expected. The USDA’s bureau in Buenos Aires estimates the country’s wheat exports in 2017/18 to be 10.8 million tonnes (December to November). If that holds true it would be a drop of 2.2 million from last year. Excess precipitation is cited as the main reason why.