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Ontario Grain Marketing Commentary, December 11, 2019

Dec 11, 2019
 
Corn
 
It is estimated that over 1 billion bushels of corn still exists in US fields, while in Ontario approximately 30-40% of corn acreage remains to be harvested. 
 
The USDA’s World Agricultural Supply and Demand Estimates hold steady in terms of US corn information although global corn production figures rose by 6.5 million metric tonnes, due to an increase in Chinese production.
 
Soybeans
 
The Supply and demand charts for US soybeans remain unchanged from the USDA’s November report. Similar to corn, world production and carryout increased one million tonnes due to increased Chinese production.
 
Earlier this week, Chinese soy importers bought 300,000 tonnes of US soybeans for January and February shipment.  This trade came after news that the Chinese government offered new tariff waivers to purchase US soybeans.
 
Wheat
 
There were changes to the December USDA report for wheat. Imports of wheat into the US were reduced by 15 million bushels, while exports increased by 25 million bushels. This lowered the estimated carryout to just under one billion bushels, at 974. November’s’ carryout estimate tallied in at 1.014 billion bushels.
 
Source: GFO