Brazil crop uncertainty boosts world corn market

Published 2021년 5월 17일

Tridge summary

Ontario farmers are set to increase soybean and corn acres while decreasing those for spring wheat, oats, and barley. The current weather forecast and rainfall levels will impact planting schedules. The global soybean market is expected to maintain value until May, with a potential surge in farmer selling after planting. Meanwhile, the corn market is facing uncertainty due to production challenges in the U.S. and Brazil, with Canada and the U.S. expected to have historically low soybean stocks by the end of the 2020-21 crop year. Ontario is experiencing higher demand for corn due to demand from the U.K. and Ireland, with a resumption in corn exports contributing to price strength. Adverse weather conditions in Brazil and dry conditions in the U.S. Midwest could lead to lower prices in the future. Producers are advised to sell a certain percentage of their production to reach 100% sold.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Compared to last year, Ontario farmers will increase soybean acres by two per cent and corn acres will be up 1.7 per cent, according to Statistics Canada. Ontario farmers are increasing row crop acres at the expense of spring wheat, oats and barley. As of May 4, about 12 per cent of the Ontario corn crop was in the ground. Farmers had planted nearly six per cent of the soybean crop. Quick lookSoybeans: Ontario market trading at a premium to the world market.Corn: Demand from the U.K. and Ireland keeping corn price up in Ontario.Wheat: More than 100,000 acres of winter wheat taken out of production in Ontario this spring. During the past 30 days, most of the Ontario growing region had received 60 to 85 per cent of normal precipitation with the area just north of Toronto experiencing 85 to 115 per cent of average. During this same time, the province has experienced average temperatures. Most of the soybean and corn crops will be planted during the second and third weeks of May given ...

Source: Farmtario