[Farmmarketnews] Wednesday Ontario Commodity Report & Todd Austin Grain Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Wed Jan 26 15:59:05 EST 2011
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, January 26
(All Bases in CAD)
Bank of Canada Noon exchange rate was 0.9953 down 0.0033
Chicago corn closed higher.
MAR11 HI 6.62 DEC11 HI 5.92
LOW 6.40 1/4 LOW 5.76 1/4
CLOSE6.57 3/4 Up 13 3/4 CLOSE 5.90 3/4 Up 11 3/4
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt Adj $/bu $/mt Cntrct Adj $/bu $/mt
ELEVATORS +MAR11+MAY11+MAY11
CK Low -0.90 5.68 223.51 -0.90 5.01 197.14
CK High -0.86 5.72 225.09 -0.90 5.01 197.14
CK Avg -0.89 -0.87 5.68 223.78 -0.90 -0.89 5.01 197.14
Essex Cty -0.90 5.68 223.51 -0.90 5.01 197.14
Mdsx Low -0.90 5.68 223.51 -0.90 5.01 197.14
Mdsx High -0.90 5.68 223.51 -0.90 5.01 197.14
Mdsx Avg -0.90 -0.87 5.68 223.51 -0.90 -0.89 5.01 197.14
Hensall -0.90 5.68 223.51 -0.90 5.01 197.14
Bruce -0.90 5.68 223.51 -0.90 5.01 197.14
Putnam -0.90 5.68 223.51 -0.90 5.01 197.14
Princeton -0.90 5.68 223.51 -0.90 5.01 197.14
Durham -0.95 5.63 221.54 -0.95 4.96 195.17
Norfolk -0.86 5.72 225.09 -0.90 5.01 197.14
Trenton -0.90 5.68 223.51 -0.95 4.96 195.17
Winchester -0.80 5.78 227.45 -0.75 5.16 203.04
North Gower -0.90 5.68 223.51 -0.90 5.01 197.14
Huron FOB -0.90 5.68 223.51 -0.88 5.03 197.92
Kent FOB -0.86 5.72 225.09 -0.90 5.01 197.14
Lamb FOB -0.86 5.72 225.09 -0.90 5.01 197.14
Mdsx FOB -0.90 -0.85 -0.85 -0.80 5.68 223.51 -0.90 5.01 197.14
FOB SW Que -1.00 5.58 219.58 -0.65 5.26 206.98
Track -0.53 6.05 238.28N/A
PROCESSORS
Chat-Eth N/A N/A N/A N/A -0.75 5.16 203.04
Jhnstwn-Eth N/A N/A N/A N/A -0.75 5.16 203.04
Aylmer-Eth N/A N/A -0.85 -0.75 N/A
Sarn-Eth N/A -0.60 -0.70 -0.55 N/A
Cllngwd-Eth -0.70N/A N/A N/A 5.88 231.39-0.80* 5.11 201.07
Kwrth-Eth N/A -0.75N/A N/A N/A
London-Cas N/A N/A N/A -0.65 -0.50 5.41 212.88
Pt.Colb-Cas N/A N/A N/A N/A -0.45 5.46 214.85
Cardnl-Cas N/A N/A N/A N/A -0.45 5.46 214.85
W O Feed -0.50 -0.50 6.08 239.26
US Rep 0.05 0.05 6.63 260.91
Toledo El. -0.16 6.42 252.67 -0.47 5.44 214.10
TRANSFER
Sarnia -0.90 5.68 223.51 -0.90 5.01 197.14
Pt. Stanley -1.00 5.58 219.58 -1.00 4.91193 1/5
Hamilton -0.80 5.78 227.45 -0.77 5.14202 1/4
MID SD CRN -0.88 5.69 3/4
HI SD CRN -0.86 5.71 3/4
*Wet Bid
Bank of Canada Noon exchange rate was 0.9953 down 0.0033
Chicago soybeans closed slightly higher.
MAR11 HI 13.91 NOV11 HI 13.30
LOW 13.64 1/4 LOW 13.03
CLOSE13.85 1/2 Up 11 CLOSE 13.23 3/4 Up 11
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt Adj. $/bu $/mt BasisAdj. $/bu $/mt
ELEVATORS +MAR1+MAY1+MAY11
CK Low -1.14 12.72 467.20-1.27 11.97 439.73
CK High -1.10 12.76 468.67-1.20 12.04 442.30
CK Average -1.11 -1.0612.74 468.15-1.24-1.2212.00 440.83
Essex Cty -1.01 12.85 471.97-1.17 12.07 443.40
Mdsx Low -1.14 12.72 467.20-1.28 11.96 439.36
Mdsx High -1.10 12.76 468.67-1.22 12.02 441.57
Mdsx Average -1.12 -1.0712.73 467.81-1.25-1.2311.99 440.47
Hensall -1.15 12.71 466.83-1.28 11.96 439.55
Bruce -1.10 12.76 468.67-1.25 11.99 440.47
Putnam -1.10 12.76 468.67-1.20 12.04 442.30
Princeton -1.08 12.78 469.40-1.18 12.06 443.04
Durham -1.20 12.66 464.99-1.30 11.94 438.63
Norfolk -1.08 12.78 469.40-1.22 12.02 441.57
Trenton -1.30 12.56 461.32-1.10 12.14 445.98
Winchester -0.95 12.91 474.18-0.95 12.29 451.49
North Gower -0.95 12.91 474.18-0.95 12.29 451.49
Huron FOB -1.05 12.81 470.50-1.20 12.04 442.30
Kent FOB -1.13 12.73 467.56-1.28 11.96 439.36
Lambton FOB -1.13 12.73 467.56-1.28 11.96 439.36
Middlesex FOB-1.01-0.99-0.96 N/A 12.85 471.97-1.01 12.23 449.28
PROCESSORS
Hamilton -0.80-0.80-0.75-0.70 13.06 479.69-0.70 12.54 460.67
Windsor -0.63-0.63-0.63-0.82 13.23 485.94-0.81 12.43 456.63
Winchester -0.80 13.06 479.69-0.80 12.44 457.00
TRANSFER
Hamilton -0.80 N/A N/A N/A 13.06 479.69-0.60 12.64 464.35
Pt. Stanley -1.25 12.61 463.15-1.10 12.14 445.98
Sarnia -0.90 12.96 476.01-0.70 12.54 460.67
Owen Sound N/A N/A
Sorel QC -0.30 13.56 498.06-0.25 12.99 477.21
Toledo El. -0.25 13.61 499.93-0.53 12.71 466.96
Bank of Canada Noon exchange rate was 0.9953 down 0.0033
Chicago wheat closed moderately higher.
MAR11 HI 8.61 1/4 JUL11 HI 9.05 3/4
LOW 8.39 3/4 LOW 8.82 1/2
CLOSE 8.56 1/2 Up 18 1/4 CLOSE 9.01 1/4 Up 18 3/4
Minni wheat closed moderately higher to higher.
MAR11 HI 9.82 3/4 SEP11 HI 9.85 1/2
LOW 9.55 1/2 LOW 9.59
CLOSE 9.77 Up 21 CLOSE 9.79 3/4 Up 20
GFO Cash Wheat Prices - DEL Terminal
Current Crop 10 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis -0.63 -0.23 -0.63 -0.54
CAD $/bu 7.93 8.33 7.93 9.23
CAD $/tonne 291.53 306.17 291.53 339.29
Direct MarkHarvest 2010 Harvest 2011
DELIVERED BASIS DELIVERED BASIS
Location SWW(C) HRW(C) SRW(C) HRS(M) SWW(C) HRW(C) SRW(C) HRS(M)
ELEVATORS
Brgssvll N/A -0.75 -1.10 N/A N/A -1.15 -2.10 N/A
London -0.72 -0.72 -1.07 N/A -1.17 -1.17 -2.07 N/A
Hensall -0.70 N/A -1.05 N/A -1.20 N/A -2.00 N/A
Trenton N/A N/A N/A N/A N/A N/A -2.05 N/A
Winchester N/A N/A N/A N/A N/A N/A N/A N/A
Essex N/A N/A -1.01 N/A N/A N/A -2.03 N/A
Norwich -0.70 N/A -1.05 N/A -1.10 N/A -2.00 N/A
Mt. Elgin N/A N/A N/A N/A N/A N/A N/A N/A
Kent Bridge -0.70 N/A -1.05 N/A -1.10 N/A -2.00 N/A
Chatham N/A -0.71 -1.01 N/A N/A -1.11 -2.01 N/A
Brigden N/A -0.71 -1.01 N/A N/A -1.11 -2.01 N/A
Palmerston N/A -0.77 -1.37 -0.45 N/A -1.27 -1.27 -1.08
Mitchell -0.70 -0.60 -1.05 N/A -1.20 -1.15 -2.00 N/A
Thornton N/A N/A N/A -1.04 N/A N/A N/A -1.57
North Gower N/A N/A N/A N/A N/A N/A N/A -1.20
TERMINAL
Sarnia -0.82 -0.32 -0.72 N/A -1.10 -1.10 -1.75 N/A
Hamilton N/A N/A -0.50 N/A N/A N/A -1.35 N/A
Pt. Stanley N/A N/A -0.95 N/A N/A N/A -1.80 N/A
PROCESSORS
Toledo FM N/A 0.66 -0.23 N/A 0.23 -0.02 -0.71 N/A
Toledo El. 8.24US 8.20CA 8.28US 8.27CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 11 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis -1.11 -0.76 -1.66 -1.02
CAD $/bu 7.90 8.25 7.35 8.78
CAD $/tonne 290.21 303.05 270.04 322.67
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
Bayport Wheat 280.00 - 290.00
Bayport Oats 320.00
Bayport Barley 260.00
FOB Hm Soymeal 402.79 - 412.71
DDG's FOB Srn, Wndr, Aylm 195.00 - 220.00
Corn futures fell to a one-week low, earlier this week, as demand from
consumers and investors dropped following a price rally to a 30-month high.
Losses were posted in corn as funds liquidated their long positions, commodity
index funds sold an estimated 13,000 corn contracts. The market had been
attempting to slow global demand and encourage farmers to expand plantings this
spring to replenish low supplies. World corn supplies will fall 14 percent this
year, the U.S. Department of Agriculture said last week.
Corn is competing for acres with soybeans, as one analyst commented; the
acreage battle in the U.S. is on. Informa raised its estimate for corn plantings
to 93.1 million acres, up 5% from planted acres last year.The crops are locked
in a battle for acreage as tight supplies have shoved U.S. futures prices to
historic highs.
SOYBEANS
Marketing year-end stocks of soybeans were recently projected at 140 million
bushels or 4.2 percent of projected consumption. Though the 2010 crop was only
0.8 percent smaller than the previous year, beginning stocks were low and
exports are expected to be at record levels.
Informa Economics on Thursday projected U.S. farmers in 2011 will plant 2.4%
fewer acres with soybeans or 76.65 million acres. This estimate ignited a rally
in deferred U.S. soybean futures contracts, which represent next year's crop, as
the market attempted to convince farmers to increase plantings.
China recently wrapped up its biggest ever single U.S. soybean purchase in a
$6.7 billion deal equivalent to nearly half of last year’s total trade. China
has purchased 11.5 million tonnes of soybeans following China’s recent state
visit to the United States.
WHEAT
Wheat continued its impressive rally this week on renewed concerns about the
global supply of high protein milling wheat. Recent losses in the U.S. dollar
index added to speculation of increased export demand. World wheat supplies are
tight and grain demand so strong that any new hiccup in a major producing area
would drive the market higher until either production increases or demand is
rationed.
North African importers have boosted purchases to curb food inflation amid
riots over high prices. Algeria has tendered 600,000 tonnes of optional origin
wheat, while Egypt has purchased over 659,000 tonnes since June, an increase of
80% from last year at this time.
Importers are rushing into the market because they expect the U.S. will remain
the only reliable supplier as competing exporters struggle to boost output.
Russia has a ban on wheat exports; Europe has sold most of its exportable
surplus and is not competitive anymore, and Australia has quality as well as
infrastructure issues with getting the grain to port.
Current contract prices for January 26th, 2011 at the close are as follows:
SWWat $291.67 per tonne ($7.94/bu.), SRW at $291.67 per tonne ($7.94/bu.), HRW
at $306.32 per tonne ($8.34/bu.), and HRS at $339.46 per tonne ($9.24/bu.).
Chart of the Week
John Jordan
Editor, AgriLink and Farm Market News
University of Guelph, Ridgetown Campus
Tel. 519-674-1500 x 63577
Fax. 519-674-1530
E-mail: jjordan at ridgetownc.uoguelph.ca
AgriLink website : www.ridgetownc.com/agrilink
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