First Major Snowstorm of the Season
Snow is more of an issue in Canada where wheat and canola harvest progress is behind average
First Major Snowstorm Recorded This Season, Will Stall Canada Harvest
Cold, wet weather was realized over the weekend and is forecast to remain around on Monday for parts of Canada and the U.S.
The snow is more of an issue in Canada where wheat and canola harvest progress is behind average.
Southern Alberta and Saskatchewan received several inches of snow over the weekend.
Harvest is expected to resume once the snow melts.
The snow could threaten some of Montana’s wheat crop, but harvest there was 80 percent complete last week.
FBN’s Take On What It Means: The snow is forecast to melt later this week, but does prevent advancement in the near term for areas where harvest already is delayed. This is supportive of Minneapolis futures, which were higher Monday morning on the snowfall concerns. Combined spring wheat supplies for the U.S. and Canada are forecast to be hefty, but both crops have faced problems this growing season. This is keeping quality concerns present.
Brazil Corn Headed to the U.S.
60,000 tonnes of Brazilian corn is en-route to the states.
Another 52,400 tonnes is expected to be shipped in mid-October.
Buyers in the U.S. may have been tempted to purchase Brazilian corn during the run up in futures earlier this planting season with shipments just now taking place.
Brazil also reports that traditional buyers of U.S. corn have been coming to the Brazilian market, such as Mexico and Colombia.
The Brazilian government looks for corn exports to grow substantially.
FBN’s Take On What It Means: Interest in U.S. corn is overall disappointing as buyers continue to source corn from Brazil due to competitive pricing. Brazil is expected to remain a key competitor to the U.S. with the weak Brazilian currency offering incentive to international buyers as well as to Brazilian farmers to plant corn. Brazil could continue to increase its share of the global corn export market as acreage is not forecast to decline for the 2019/20 crop.
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