[Farmmarketnews] Grain Farmers of Ontario Grain Commentary, Nov. 6, 2013

[Farm Market News - Ontario Commodity Report]

Wednesday, November 6, 2013
			
Commodity	Period	Price 	Weekly Movement
Corn CBOT	Dec. 	4.21 ¼	↓	9  	cents
Soybeans CBOT	Jan.	12.55	↓	 21 ½ 	cents
Wheat CBOT	Dec.	6.53 ¼	↓	 21 ¾ 	cents
Wheat Minn.	Dec.	7.12 ¼	↓	 19 ¾ 	cents
Wheat Kansas	Dec.	7.16 ½	↓	 31 ¼  	cents
 	 				 
Canadian $	Dec.	0.9589	↑	56 	points


CORN: 

Farmers in the US have had a bit more success than our Ontario producers in getting their corn crops harvested. The USDA Crop Progress Report showed progression has moved another 14 percent to come in at 73 percent completion this week. In Ontario, there still is quite a bit of crop in the fields due to the lack of drier weather. In parts of the US where there have been rains, there may be a bit of concern for crop quality. However, the volume is still reportedly quite massive. 

The market trend continues this week the same as it has for some time now. There is a very narrow trading range and a downward trend. Some are still scratching their heads over this as there is international demand for the US crop. This week, the December futures have moved into the low $4.20 range. Corn markets, as well as soybean and wheat, are expected to be quiet over the next couple of days ahead of the USDA’s World Agricultural Supply and Demand Estimates (WASDE) report to be released on Friday, November 8, 2013 at noon. 

SOYBEANS: 	

The USDA Crop Progress Report showed steady progression in the harvest number again this week and the harvest is 86 percent completed, up nine percentage points from last week. January soybean futures saw their biggest drop on Thursday and Friday late last week. Since Monday, November 4, the futures have continued a narrow range around the $12.50 per bushel mark. 

As in previous commentaries, the Brazilian soybean harvest is expected to be a record one and that story continues this week with promising reports from Oil World. First, weather conditions are overall proving favourable for the crop. Second, there have been significant advances in the logistics which were notoriously plaguing the industry earlier this year. Some problems will most likely continue. However, proven logistics management could propel Brazil to becoming the leader globally in soybean production.



WHEAT: 

Winter wheat crop condition has changed a bit this week with the very poor to poor rating coming in at six percent and the good to excellent rating at 63 percent. Each rating saw an increase of two percentage points this week. Seeding efforts for Ontario winter wheat have been dampened by the weather conditions. 

Both the winter and spring futures struggled this week on the markets. December winter wheat futures lost about $0.30/bu since last Wednesday, October 30 and moved from the $6.80 to the $6.50 range. The December spring wheat futures lost about $0.20/bu in the same time frame and moved from the mid $7.30’s to the low $7.10’s. 

2013 November contract prices for November 6, 2013 at close are as follows:
SWW at $227.33 per tonne ($6.19/bu.), SRW at $221.59 per tonne ($6.03/bu.), HRW at $231.17 per tonne ($6.29/bu.), and HRS at $238.44 per tonne ($6.49/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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