Feed: Ukraine, U.S. corn harvest advancing

CNS Canada — Following are a few highlights in the Canadian and world feed grains markets on Friday, Oct. 16.

• CBOT corn futures were posting small losses at midday Friday, with the December contract quoted at US$3.74 per bushel, as the advancing U.S. harvest and relatively favourable yield reports weighed on values.

• Ukraine has harvested 48.9 million tonnes of grain and pulses as of Oct. 15, which represents 87 per cent of the total harvest, according to the country’s Ministry of Agrarian Policy. The country’s corn harvest is just over half done, with yields averaging 5.07 tonnes per hectare.

• The U.S. Ag Attache in Ukraine is now forecasting the country’s corn crop at 2.15 million tonnes, which would be well below the 25 million tonnes being forecast by the USDA.

• Transportation issues during the 2013-14 and 2014-15 crop years cut into farm revenues in Western Canada by C$6.4 billion to $8.2 billion, according to a study conducted by University of Saskatchewan agricultural economist Richard Gray. However, Agriculture Minister Gerry Ritz, who is in the midst of a reelection campaign, disputed the findings and said the backlogs had “no negative dollar impact.”

• Rabobank has released a report on “Building a Smarter Food System” in which the global financial giant highlights the need to move beyond a “business as usual” approach to agriculture in order to meet the rising demand for food over the next decade.

• Feed barley bids in the key cattle feeding area of Lethbridge are in the C$212-$220 per tonne area, according to provincial reports. Feed wheat prices are in the C$215-$228 range.