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This information is current as of July 17, 2023. This information is updated every month.
Corn futures declined due to improved precipitation forecasts in the US Midwest and revised acreage estimates above trader’s expectation. However, Russia is officially out of the Black Sea export deal, which will add volatility to the market moving forward, especially if we see a higher global demand for grains. While corn prices trended downwards, wheat and barley are holding firm because of the Canadian new crop production uncertainties. As a result, a strong volume of corn has been booked by unit train into Southern Alberta over the past weeks. Protein prices have also increased following the reduced acreage estimates for soybeans in the US. As expected, DDGS prices softened following the US driving season.
- Wheat prices increased to $420-$425/T delivered to Red Deer/AB. Alberta new crop conditions are way below the 5-year average and there is reduced selling intention in the market. The Black Sea export outlook could contribute to the upside risks as we move forward.
- Barley prices are trading at $410-$415/T delivered to Red Deer/AB. Prices are holding firm because of the drought outlook and new crop uncertainties in Western Canada. StatsCan reported barley planted area at 7.32 million acres, up from April intentions of 7.08 million and nearly 4% above a year ago.
- Corn prices declined to $385-$395/T delivered to Red Deer. Prices softened due to improved weather forecasts in the US and following FX trends. On top of that, the USDA estimated that 94.1 million acres of corn have been planted in the US for 2023, up 6% from last year. The good crop outlook in Brazil is also a bearish factor.
- Soybean meal is being traded at $715-$720/T in Red Deer/AB. Soymeal prices found support on the USDA acreage and stocks estimate. Prices are expected to soften when we get to the US harvest pressure.
- Canola meal is priced at $480-$490/T delivered. Prices increased following its correlation with soymeal. With the current dryness that much of Alberta has been experiencing, upcoming yields are not looking too promising.
- DDGS prices declined to $382/T delivered to Red Deer/AB. DDGS prices softened following its seasonal trend and the strength of the Canadian dollar.
- Millrun is priced at $305/T delivered to Red Deer/AB.
Source : Swine Web