[Farmmarketnews] Ahmed Chilmeran Grain Commentary for April 4

Wed Apr 4 12:35:33 EDT 2012

Wednesday April 4, 2012

Commodity
Period
Price  
Weekly Movement - Wednesday to Friday

Corn CBOT
May
6.5825
↑
18.25
cents

Soybeans CBOT
May
14.1675
↑
4.75
cents

Wheat CBOT
May
6.5800
↑
13.75
cents

Wheat Minn.
May
8.5025
↑
24.25
cents

Wheat Kansas
May
6.9000
↑
22.25
cents

Canadian $
June
1.0078
↑
58.00
points

The TSX was sharply lower Tuesday as the latest report on US factory orders
were below estimates. The TSX continued to slip on Wednesday on lower commodity
prices and continued worries over the central bank’s stimulus measures are not
forthcoming from the US. Royal Bank of Canada will pay $1.1 billion in cash to
buy the remaining half of RBC Dexia, an advisory institution to pension funds
and institutional investors. Air Canada shares fell 6% Tuesday as Moody cut the
Montreal based airline's credit rating, highlighting the possibility that the
airline could default on its debt obligations. The US auto sector rose more than
15% based on preliminary March data with Chrysler leading the growth in sales by
34% supported by increasing consumer confidence and cheap financing. Meanwhile,
EU unemployment almost reached a 15 year high in February with jobless rate of
10.8% while the manufacturing sector continues to shrink for the eighth
successive month.
CORN
Corn rose in Chicago for the third consecutive trading day on worries that
supplies will run thin before harvest replenishes storage bins and grain
elevators. December corn also rose, but gains were muted on expectations that
farmers will plant the largest area in 75 years as speculated earlier by the
USDA, setting the stage for what could be a record harvest in the fall.
SOYBEANS
Soybean rose in Chicago due mainly to strength in the corn market. However,
palm oil a substitute to soybean in many ways rallied for a second day to the
highest level in more than a year on concern that US farmers will plant fewer
soybeans this year. India, Asia’s biggest supplier of soybean meal, barred
commodity exchanges from offering new contracts in soybeans to curb speculation
and minimize volatility in the market after futures posted the biggest monthly
gain in more than three years in March. 
WHEAT
Wheat fell in Chicago on improved crop prospects, European wheat fell as well
but over weather concerns. US winter wheat crop is in better shape than it was
at this time last year according to the USDA as warm temperatures and ample
rainfall in March benefitted plants in the southern and central Great Plains.
Almost 60% percent of the wheat was rated good or excellent compared to 21% a
year earlier.
Contract prices for April 4th, 2012 at noon, are as follows:
SWW at $236.27 per tonne ($6.43/bu.), HRW at $265.43 per tonne ($7.22 /bu.),
HRS at $291.78 per tonne ($7.94 /bu.), and SRW at $241.73 per tonne ($6.58
/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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