[Farmmarketnews] Wednesday Ontario Commodity Report and Weekly Ontario Grain Market Commentary for July 23
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Wed Jul 23 15:32:21 EDT 2014
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, July 23
(All Bases in CAD)
Bank of Canada Noon exchange rate was 1.0741 down 0.0004
Chicago corn closed slightly higher.
SEP14 HI 3.63 1/2 DEC14 HI 3.71 1/2
LOW 3.57 1/2 LOW 3.65 3/4
CLOSE3.62 1/2 Up 2 1/4 CLOSE 3.70 3/4 Up 2 1/2
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt Adj $/bu $/mt Cntrct Adj $/bu $/mt
ELEVATORS +SEP14+DEC14+DEC14
CK Low 0.15 3.78 148.62 -0.15 3.56 140.05
CK High 0.25 3.88 152.55 -0.05 3.66 143.99
CK Avg 0.21 -0.06 3.83 150.91 -0.08 -0.35 3.63 143.01
Essex Cty 0.20 3.83 150.58 -0.11 3.60 141.63
Mdsx Low 0.15 3.78 148.62 -0.10 3.61 142.02
Mdsx High 0.20 3.83 150.58 -0.05 3.66 143.99
Mdsx Avg 0.18 -0.09 3.80 149.60 -0.08 -0.35 3.63 143.01
Hensall 0.23 3.85 151.57 -0.05 3.66 143.99
Bruce 0.20 3.83 150.58 -0.05 3.66 143.99
Putnam 0.20 3.83 150.58 -0.05 3.66 143.99
Burford 0.15 3.78 148.62 -0.10 3.61 142.02
Port Perry 0.05 3.68 144.68 -0.15 3.56 140.05
Norfolk 0.25 3.88 152.55 -0.05 3.66 143.99
Palmerston 0.30 3.93 154.52 -0.10 3.61 142.02
Varna 0.20 3.83 150.58 -0.10 3.61 142.02
Trenton 0.20 3.83 150.58 -0.10 3.61 142.02
Winchester 0.35 3.98 156.49 0.15 3.86 151.86
North Gower 0.37 4.00 157.28 0.17 3.88 152.65
Huron FOB 0.45 4.08 160.43 -0.05 3.66 143.99
Kent FOB 0.25 3.88 152.55 -0.05 3.66 143.99
Lamb FOB 0.25 3.88 152.55 -0.05 3.66 143.99
Mdsx FOB 0.15N/A N/A N/A 3.78 148.62 -0.10 3.61 142.02
FOB SW Que 0.71 4.34 170.66 -0.13 3.58 140.84
Track 0.68 4.30 169.28N/A
PROCESSORS
Chat-Eth 0.40 0.45 0.45 0.05 4.03 158.46 0.05 3.76 147.93
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth 0.40 0.45 0.45 0.05 4.03 158.46 0.05 3.76 147.93
Sarn-Eth 0.45 0.50 0.45 0.00 4.08 160.43 0.00 3.71 145.96
Cllngwd-Eth N/A N/A N/A N/A N/A*
London-Ing N/A 0.55 0.55 0.65 0.20 3.91 153.83
Pt.Colb-Ing 0.65 0.70 0.70 0.75 4.28 168.30 0.30 4.01 157.77
Cardnl-Ing N/A N/A 0.65 0.75 0.35 4.06 159.74
W O Feed 1.01 0.93 4.64 182.47
US Rep 0.80 0.72 4.43 174.20
Toledo El. -0.13 3.50 137.63 -0.30 3.41 134.12
TRANSFER
Sarnia N/A N/A
Pt. Stanley N/A N/A
Hamilton 0.80 4.43174 1/5 0.15 3.86151 6/7
MID SD CRN -0.10 3.60 3/4
HI SD CRN -0.05 3.65 3/4
*Wet Bid
Bank of Canada Noon exchange rate was 1.0741 down 0.0004
Chicago soybeans closed slightly to moderately higher.
AUG14 HI 12.04 3/4 NOV14 HI 10.77 1/4
LOW 11.81 3/4 LOW 10.55
CLOSE12.01 Up 17 CLOSE 10.76 1/2 Up 18 3/4
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt Adj. $/bu $/mt BasisAdj. $/bu $/mt
ELEVATORS +AUG1+AUG1+NOV14
CK Low 1.58 13.59 499.350.15 10.92 401.06
CK High 1.65 13.66 501.920.20 10.97 402.89
CK Average 1.62 0.73 13.63 500.760.18 -0.6310.94 401.98
Essex Cty 1.85 13.86 509.270.27 11.04 405.47
Mdsx Low 1.60 13.61 500.080.13 10.90 400.32
Mdsx High 1.63 13.64 501.180.15 10.92 401.06
Mdsx Average 1.62 0.72 13.63 500.630.14 -0.6610.91 400.69
Hensall 1.63 13.64 501.000.15 10.92 401.06
Bruce 1.60 13.61 500.080.15 10.92 401.06
Putnam 1.60 13.61 500.080.15 10.92 401.06
Burford 1.66 13.67 502.290.16 10.93 401.43
Port Perry 1.63 13.64 501.180.13 10.90 400.32
Norfolk 1.63 13.64 501.180.15 10.92 401.06
Palmerston 1.80 13.81 507.430.15 10.92 401.06
Varna 1.75 13.76 505.590.15 10.92 401.06
Trenton 1.65 13.66 501.920.15 10.92 401.06
Winchester 1.65 13.66 501.920.55 11.32 415.76
North Gower 1.59 13.60 499.710.48 11.25 413.18
Huron FOB 1.75 13.76 505.590.25 11.02 404.73
Kent FOB 1.58 13.59 499.350.15 10.92 401.06
Lambton FOB 1.58 13.59 499.350.15 10.92 401.06
Middlesex FOB1.83 N/A N/A N/A 13.84 508.530.31 11.08 406.94
PROCESSORS
Hamilton 2.14 N/A N/A N/A 14.15 519.920.62 11.39 418.33
Windsor 2.08 1.93 N/A N/A 14.09 517.720.50 11.27 413.92
Winchester N/A N/A
TRANSFER
Hamilton 2.17 N/A N/A N/A 14.18 521.030.54 11.31 415.39
Pt. Stanley N/A N/A
Sarnia N/A N/A
Owen Sound N/A N/A
Sorel QC 2.05 14.06 516.621.30 12.07 443.31
Toledo El. 0.72 12.73 467.74-0.30 10.46 384.49
Bank of Canada Noon exchange rate was 1.0741 down 0.0004
Chicago wheat closed slightly higher.
SEP14 HI 5.31 JUL15 HI 6.07 1/4
LOW 5.20 1/4 LOW 5.99 1/2
CLOSE 5.30 3/4 Up 6 1/4 CLOSE 6.07 Up 5 1/2
Minni wheat closed slightly higher.
SEP14 HI 6.22 1/4 JUL15 HI 6.58 1/2
LOW 6.17 LOW 6.54 1/2
CLOSE 6.21 Up 2 1/4 CLOSE 6.57 1/2 Up 1/4
GFO Cash Wheat Prices - DEL Terminal
Current Crop 14 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.18 0.29 -0.20 -0.34
CAD $/bu 5.49 5.59 5.11 5.87
CAD $/tonne 201.62 205.57 187.80 215.54
Direct MarkHarvest 2014 Harvest 2015
DELIVERED BASIS DELIVERED BASIS
Location SWW(C) HRW(C) SRW(C) HRS(M) SWW(C) HRW(C) SRW(C) HRS(M)
ELEVATORS
Brgssvll N/A 0.30 -0.30 N/A N/A N/A -0.40 N/A
London 0.29 0.24 -0.30 N/A 0.04 -0.23 -0.44 N/A
Hensall 0.40 N/A -0.30 N/A 0.10 N/A -0.45 N/A
Trenton N/A N/A -0.35 N/A N/A N/A N/A N/A
Winchester N/A N/A N/A 0.05 N/A N/A N/A N/A
Essex N/A N/A -0.25 N/A N/A N/A -0.53 N/A
Norwich 0.40 N/A -0.30 N/A 0.10 N/A -0.45 N/A
Mt. Elgin N/A N/A N/A N/A N/A N/A N/A N/A
Kent Bridge 0.50 N/A -0.30 N/A 0.10 N/A -0.45 N/A
Chatham N/A N/A -0.30 N/A N/A N/A -0.45 N/A
Brigden N/A N/A -0.30 N/A N/A N/A -0.45 N/A
Palmerston N/A 0.50 -0.36 -0.40 N/A 0.39 -0.41 N/A
Varna 0.30 0.50 -0.30 N/A 0.10 0.40 -0.40 N/A
Mitchell 0.40 0.30 -0.30 N/A 0.10 0.05 -0.45 N/A
Thornton N/A N/A N/A -1.04 N/A N/A N/A N/A
North Gower N/A N/A N/A -0.28 N/A N/A N/A N/A
TERMINAL
Sarnia N/A N/A N/A N/A N/A N/A N/A N/A
Hamilton N/A N/A -0.05 N/A N/A N/A -0.38 N/A
Pt. Stanley N/A N/A N/A N/A N/A N/A N/A N/A
PROCESSORS
Toledo FM N/A N/A 0.66N/A 1.04N/A 0.67N/A
Toledo El. 5.33US 5.72CA 5.84US 6.27CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 15 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis -0.19 -0.09 -0.52 -0.48
CAD $/bu 5.88 5.98 5.55 6.10
CAD $/tonne 215.93 219.88 204.09 224.02
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
Bayport Wheat 290.00 - 340.00
Bayport Oats 320.00
Bayport Barley 280.00
FOB Hm Soymeal 566.05 - 568.25
DDG's FOB Srn & Aylm 215.00 - 220.00
Ontario Grain Market Commentary for July 23, 2014 by Marty Hibbs, Grain Farmers of Ontario
Wednesday July 23, 2014
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT Sep 3.62 ↓ 16 cents
Soybeans CBOT Aug 12.01 ↑ 14 cents
Wheat CBOT Sep 5.30 ↓ 8 cents
Wheat Minn. Sep 6.22 ↓ 6 cents
Wheat Kansas Sep 6.23 ↓ 14 cents
Canadian $ Sept 0.9304 ↑ 12 points
CORN:
The premium of corn prices relative to other crop prices began to fade during the 2013-14 marketing year. Current estimates or forecasts for the 2013-14 marketing year reflect a soybean/corn price ratio of 2.92, a wheat/corn price ratio of 1.54, and a soybean meal/corn price ratio of 3.20. The soybean/corn price ratio will be higher than in the 2005-06 marketing year. Increasing livestock prices and declining feed prices have restored livestock/feed price ratios to the highest levels in at least four years.
The price of corn for the 2014-15 marketing year has declined by about $1.50 since early May and the price of corn relative to most other agricultural commodity prices has declined sharply.
First line of support at the $4.25 level on the weekly chart failed after the July long weekend opening the door for a test of the next support level of $3.50 followed by the $3.00 level basis the lead month. The trend is still negative and overhead resistance is now the old $4.25 support level.
SOYBEANS:
The IP soybean crop in Northern Ontario continues to do well, says the latest update from Thompsons. The crop has very little stress, with disease and insect pressure low in all fields. Rhizoctonia Root Rot, Septoria Brown Spot are being seen at trace levels. Relatively no insect feeding was seen. Magnesium Deficiency and Ozone Injury were noted in a couple of fields at trace levels as well. The majority of weeds are being controlled, with Volunteer Corn being the most common escape.
The IP crop in the South is also coming along nicely. Fields are fairly clean of weeds, insects, and diseases. Any issues that are being seen in fields are of minimal concern.
WHEAT:
The Wheat Quality Council's Hard Red Spring Wheat tour's first day yield in South Dakota averaged 48.1 bushels per acre, higher than last year's 43.5 bpa. That estimate includes both spring and winter wheat varieties. The average for spring wheat yield from 156 fields was calculated at 48.3 bpa, compared to 43.3 bpa from last year. Scouts measured six winter wheat fields with an average yield of 42.9.
"This is the biggest day one average we've seen over the last five years," said Ben Handcock, executive director of the Wheat Quality Council, which hosts the tour.
Scouts reported spring wheat is about a month to six weeks away from harvest, with crops in the western parts of the state closer to maturity than wheat in the eastern part of the state. Yields also generally improved as scouts drove toward Bismarck, N.D.
Wheat prices continue to deteriorate on Chicago with the September contract down $2.25 per bushel since its May 6 high of $7.51. A total of 40 of the past 53 trading days have seen lower closes.
Short term support is seen around $5.15 on Sept Wheat with the next major support between $4.80 and $5.00 on the lead month contract.
2014 harvest prices as of the close of July 23 are as follows:
SWW at $199.42/mt ($5.43/bu), SRW at $185.60/mt ($5.05/bu), HRW at $203.37/mt ($5.53/bu), HRS at $215.41/mt ($5.86/bu).
--
John Jordan
Editor, AgriLink and Farm Market News
University of Guelph, Ridgetown Campus
Tel. 519-674-1500 x 63577
Fax. 519-674-1530
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