[Farmmarketnews] GFO Grain Commentary

[Farm Market News - Ontario Commodity Report]

Wednesday July 17, 2013			
Commodity	Period	Price 	Weekly Movement
Corn CBOT	Sept 	5.38 ½ 	↓	15 ¼ 	cents
Soybeans CBOT	Aug	14.77 ½ 	↑	12 ¾ 	cents
Wheat CBOT	Sept	6.65	↓	14	cents
Wheat Minn.	Sept	 7.55 ¼ 	↓	13 ½ 	cents
Wheat Kansas	Sept	7.02 ½ 	↓	5 ½ 	cents
 	 	 			 
Canadian $	Sept	0.9594	↑	93	points

CORN: 
The USDA Crop Progress report released on July 14, 2013 indicated that there are slight changes in the condition ratings of the crops. Very poor to poor ratings are up one percentage point to nine percent. The rating of good to excellent fell two percentage points to 66 percent, down from last week’s numbers. The crop is developing and corn silking numbers were up ten percentage points to 16 percent this year. 
Across this province, many are seeing positive growth and development in their corn crops with many references to ‘shoulder height or greater’. Corn markets dipped slight this past week with no major drivers to impact the overall global production outlooks. 

SOYBEANS: 
The soybean futures are up slightly earlier this week. This could be in part due to crop condition ratings which indicate a one percentage point increase in the very poor to poor rating and a decrease of two percentage points on the good to excellent rating down to 65 percent this week. The crop has developed and blooming is up to 26 percent from last week’s ten percent. 

WHEAT: 
Wheat is coming off now in parts of the province with much of the harvest expected to get underway in the next week to 10 days. However, there are some concerns that fusarium, mould, and sprouting could have an effect on this year’s crop quality. Producers, if they are concerned about quality issues, may want to weigh the pro’s and con’s of harvesting at slightly higher moisture levels and associated drying costs versus potential quality downgrades. 
The USDA Crop Progress Report indicates that the winter wheat harvest is up ten percentage points from last week and comes in at 67 percent overall. There are talks that issues with moisture have had some impacts on the crop similar to the situation in Ontario. 

Spring wheat condition ratings saw a slight change from last week in the good to excellent rating where the combined rating fell two percentage points to 70 percent. The crop development has moved along significantly since last week and the headed crop is rated at 71 percent versus 45 percent last week. 


2013 Harvest contract prices for July 17, 2013 at close are as follows:
SWW at $235.53 per tonne ($6.41/bu.), SRW at $218.30 per tonne ($5.94/bu.), HRW at $231.70 per tonne ($6.31/bu.), and HRS at $256.69 per tonne ($6.99 /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 uoguelph.ca
AgriLink website : www.ridgetownc.com/agrilink 
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