[Farmmarketnews] Ahmed Chilmeran Grain Commentary

[Farm Market News - Ontario Commodity Report]

Wednesday March 21, 2012

Commodity
Period
Price  
Weekly Movement - Wednesday to Friday
 
 

 
 
 
 
 
 

Corn CBOT
May
6.4200
↓
29.00
cents

Soybeans CBOT
May
13.5500
↓
18.50
cents

Wheat CBOT
May
6.3625
↓
50.50
cents

Wheat Minn.
May
7.9875
↓
23.00
cents

Wheat Kansas
May
6.7500
↓
30.00
cents

 
 
 
 
 
 

Canadian $
June
1.0050
↓
12.00
points

 
Statistics Canada published its latest estimate of the Canadian Composite
Leading Indicator (CCLI). The CCLI is a composite index designed to forecast
developments in the Canadian economy. It is comprised of 10 components which are
thought to precede cyclical activity in the economy and together represent all
major categories of Gross Domestic Product (GDP).The federal agency's index
showed a rise of 0.6% following a 0.4% advance in January, with six of the 10
index components increasing during the month. Some of the components include the
TSX, the money supply, employment, the average workweek in manufacturing from
the labour force survey, and housing starts. However, the loonie initially fell
over concerns about China's economy slowing down sending investors to the
greenback, but gained some of the losses back on Wednesday. 
CORN
Corn fell in Chicago on technical selling and long liquidation as investors
banked profits ahead of the release next week’s USDA March planting intentions
report.        Corn reversed progress from four month highs on Monday triggering
a 2.3% skid Tuesday. There are reports of fields planted mid-March in central
and southern Illinois, however many producers are still waiting to plant. They
are concerned that a return to normal temperatures means that cool periods or
even frost could slow growth or kill emerged plants. Buyers in Taiwan have
purchased corn from Ukraine in small consignments to test quality according to
European sources. 
SOYBEANS
Soybean rose in Chicago for the first time this week on speculation that
reduced output in South America will force Chinese importers to buy more from
North American growers. China imported 3.83 million metric tons of soybeans in
February, up 65% from a year earlier.        
 
 
WHEAT
Wheat futures fell in Chicago closing near their daily lows on technical
selling and forecasts for good crop weather around key growing areas of the
United States. Forecast of rains in the Great Plains are improving prospects for
winter crops that recently emerged from dormancy. 
Contract prices for March 21st, 2012 at close, are as follows:
SWW at $228.96 per tonne ($6.23/bu.), HRW at $260.03 per tonne ($7.08 /bu.),
HRS at $273.74 per tonne ($7.43 /bu.), and SRW at $236.27 per tonne ($6.43
/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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