[Farmmarketnews] Ahmed Chilmeran Grain Commentary for November 23, 2011

[Farm Market News - Ontario Commodity Report]

Wednesday November 23, 2011

Commodity
Period
Price  
Weekly Movement - Wednesday to Friday
 
 

 
 
 
 
 
 

Corn CBOT
Dec.
5.888
↓
16.25
cents

Soybeans CBOT
Jan
11.225
↓
49.50
cents

Wheat CBOT
Dec. 
5.793
↓
11.25
cents

Wheat Minn.
Mar
8.165
↓
62.00
cents

Wheat Kansas
Dec.
6.490
↓
14.75
cents

 
 
 
 
 
 

Canadian $
Dec. 
0.954
↓
208.00
points

 
The global economy is showing signs of slowing down, with the resource heavy
TSX opening sharply lower on Wednesday on slipping oil and metal prices. This in
turn is putting downward pressure on the Canadian dollar. The Dow Jones
industrial futures, Nasdaq and the S&P are all lower on pessimism about economic
prospects recently shared by the HSBC’s manufacturing survey for China's
industrial sector. The survey’s main manufacturing indicator fell to 48 in
November from 51 in October, the largest fall since March 2009. In which any
reading below 50 indicates a contraction from the previous period.
CORN
Corn futures opened lower under pressure from international markets. Stock
markets underperforming for the sixth consecutive session, high Interest rates
for Spain, and EU bail out hitting record highs are the main drivers. Meanwhile,
US livestock farmers are demanding a change in the nation's ethanol policy,
claiming current rules could lead to spikes in meat prices and even shortages at
supermarkets if corn growers have a bad year. Argentina may experience drier,
warmer weather this week, helping accelerate planting of corn according to
Telvent DTN Inc. Favorable weather conditions are also expected in Brazil. 
SOYBEANS
Soybeans fell to a 13 month low in Chicago on concerns over the US & EU debt
crises may be eroding crop demand.According to the USDA, soybean exports in the
marketing year that begun September 1st are down 33% from a year earlier. Latin
countries like Argentina and Brazil may be experiencing favorable drier and
warmer weather this week, helping accelerate planting of soybeans according to
Telvent DTN Inc.
WHEAT
Wheat futures fell in Chicago in the face of a firm dollar and a gloomy outlook
surrounding both the US & EU economies. The price slide is the lowest in 5
months, with hard red winter wheat futures at the Kansas City Board of Trade
dropping 1.7%, MGEX spring wheat dropping 3.2% and CBOT volume of around 85,000
is below the monthly average.European wheat futures followed suit and fell to a
one year low on Wednesday amid ongoing concerns about the euro-zone's sovereign
debt crisis, with volumes likely to stay muted ahead of upcoming holidays.
 
Harvest contract prices for November 23, 2011 at close, are as follows:
SWW at $223.16 per tonne ($6.07/bu.), SRW at $223.16 per tonne ($6.07/bu.),
HRW at $255.91 per tonne ($6.96 /bu.), and HRS at $328.05 per tonne ($8.93
/bu.).
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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