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Feed Grains: Russian farmers shift out of barley

CNS Canada, 15.06.17

Winnipeg, June 14 (CNS Canada) – Corn futures on the Chicago Board of Trade closed one per cent lower June 14, weighed down by rain forecasts for the United States Midwestern corn belt.

If predicted showers arrive, it would alleviate concerns that some fields were becoming too dry.

Few export prospects also depressed prices.

In the July contract, corn closed at US$3.77 per bushel, a decline of four cents from the day’s open at US$3.81. The day’s high was US$3.85 with volume traded at 183,900.

Reports out of Moscow suggest that Russia may see the lowest area seeded to spring barley in decades.

Farmers are switching to take advantage of higher prices in corn and soybeans, said Dmitry Rylko, the head of agriculture consulting firm IKAR.

Russia exported 2.8 million tonnes of barley from July 1, 2016, to June 7, 2017.

The Russian barley crop for 2017 is projected at 17 million tonnes, down one million tonnes from a year ago.

Ukraine consulting firm UKrAgroConsult reports sluggish prices for old crop wheat. Feed wheat prices lost about UAH 100-200 last week, the agency reported June 14.

UkrAgroConsult also reported that barley exports from Kazakhstan have fallen almost 40 percent compared to the previous month.

Barley exports in April totaled 28,000 tonnes, compared to 47,900 tonnes in March, but that is still almost four times as much as in the same period last year and marks a 26 per cent year-on-year decline from September 2016 to April 2017.

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