[Farmmarketnews] Wednesday Ontario Commodity Report & Marty Hibbs GFO Grain Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Wed Jun 3 15:24:16 EDT 2015
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, June 3
(All Bases in CAD)
Bank of Canada Noon exchange rate was 1.2436 up 0.0013
Chicago corn closed steady to slightly higher.
JUL15 HI 3.64 DEC15 HI 3.81
LOW 3.57 LOW 3.74 1/2
CLOSE3.59 Unchanged CLOSE 3.76 3/4 Up 3/4
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt Adj $/bu $/mt Cntrct Adj $/bu $/mt
ELEVATORS +SEP15+SEP15+DEC15
CK Low 0.60 4.19 164.95 0.25 4.02 158.16
CK High 0.60 4.19 164.95 0.35 4.12 162.10
CK Avg 0.60 -0.28 4.19 164.95 0.27 -0.66 4.03 158.82
Essex Cty 0.64 4.23 166.53 0.28 4.05 159.34
Mdsx Low 0.60 4.19 164.95 0.25 4.02 158.16
Mdsx High 0.60 4.19 164.95 0.35 4.12 162.10
Mdsx Avg 0.60 -0.28 4.19 164.95 0.30 -0.63 4.07 160.13
Hensall 0.60 4.19 164.95 0.30 4.07 160.13
Bruce 0.60 4.19 164.95 0.25 4.02 158.16
Putnam N/A 0.15 3.92 154.23
Burford 0.60 4.19 164.95 0.25 4.02 158.16
Port Perry 0.70 4.29 168.89 0.30 4.07 160.13
Norfolk 0.60 4.19 164.95 0.25 4.02 158.16
Palmerston 0.60 4.19 164.95 0.25 4.02 158.16
Varna 0.60 4.19 164.95 0.35 4.12 162.10
Trenton 0.85 4.44 174.80 0.45 4.22 166.04
Winchester 1.00 4.59 180.70 0.85 4.62 181.78
North Gower 1.08 4.67 183.85 0.75 4.52 177.85
Huron FOB 0.60 4.19 164.95 0.30 4.07 160.13
Kent FOB 0.60 4.19 164.95 0.25 4.02 158.16
Lamb FOB 0.60 4.19 164.95 0.25 4.02 158.16
Mdsx FOB 0.60 0.65 0.70N/A 4.19 164.95 0.25 4.02 158.16
FOB SW Que N/A N/A
Track 0.95 4.54 178.73N/A
PROCESSORS
Chat-Eth N/A N/A N/A N/A N/A
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A N/A N/A 0.45 4.22 166.04
Sarn-Eth 0.75 0.85 0.90 0.90 4.34 170.86N/A
Cllngwd-Eth N/A N/A N/A N/A N/A*
London-Ing N/A 1.05 1.10 1.05 0.65 4.42 173.91
Pt.Colb-Ing N/A N/A 1.05 1.05 0.65 4.42 173.91
Cardnl-Ing N/A N/A 1.10 1.25 0.90 4.67 183.75
W O Feed 1.09 0.79 4.68 184.24
US Rep 1.25 0.95 4.84 190.54
Toledo El. -0.05 3.54 139.37 -0.37 3.39 133.60
TRANSFER
Sarnia N/A N/A
Pt. Stanley N/A N/A
Hamilton N/A N/A
MID SD CRN 0.30 4.06 3/4
HI SD CRN 0.35 4.11 3/4
*Wet Bid
Bank of Canada Noon exchange rate was 1.2436 up 0.0013
Chicago soybeans closed slightly lower.
JUL15 HI 9.45 1/2 NOV15 HI 9.23 1/2
LOW 9.31 1/2 LOW 9.10 1/4
CLOSE9.35 1/4 Down 5 1/2 CLOSE 9.15 Down 2
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt Adj. $/bu $/mt BasisAdj. $/bu $/mt
ELEVATORS +JUL1+AUG1+NOV15
CK Low 1.75 11.10 407.951.40 10.55 387.65
CK High 1.90 11.25 413.461.60 10.75 394.99
CK Average 1.84 -0.4611.20 411.381.50 -0.7610.65 391.14
Essex Cty 1.98 11.33 416.401.63 10.78 396.10
Mdsx Low 1.85 11.20 411.621.45 10.60 389.48
Mdsx High 1.86 11.21 411.991.55 10.70 393.16
Mdsx Average 1.86 -0.4511.21 411.811.50 -0.7510.65 391.32
Hensall 1.88 11.23 412.541.53 10.68 392.24
Bruce 1.85 11.20 411.621.55 10.70 393.16
Putnam N/A 1.10 10.25 376.62
Burford 1.89 11.24 413.091.48 10.63 390.59
Port Perry 1.86 11.21 411.991.45 10.60 389.48
Norfolk 1.90 11.25 413.461.50 10.65 391.32
Palmerston 1.85 11.20 411.621.50 10.65 391.32
Varna 1.90 11.25 413.461.50 10.65 391.32
Trenton 1.80 11.15 409.781.50 10.65 391.32
Winchester 1.79 11.14 409.421.70 10.85 398.67
North Gower 1.51 10.86 399.131.76 10.91 400.87
Huron FOB 2.00 11.35 417.131.60 10.75 394.99
Kent FOB 1.85 11.20 411.621.50 10.65 391.32
Lambton FOB 1.85 11.20 411.621.50 10.65 391.32
Middlesex FOB2.03 2.09 2.09 N/A 11.38 418.241.62 10.77 395.73
PROCESSORS
Hamilton 2.35 2.41 N/A N/A 11.70 429.991.94 11.09 407.49
Windsor 2.19 2.26 N/A N/A 11.54 424.111.84 10.99 403.81
Winchester N/A N/A
TRANSFER
Hamilton N/A N/A
Pt. Stanley N/A N/A
Sarnia N/A N/A
Owen Sound N/A N/A
Sorel QC N/A N/A
Toledo El. 0.00 9.35 343.65-0.41 8.74 321.09
Bank of Canada Noon exchange rate was 1.2436 up 0.0013
Chicago wheat closed slightly lower.
JUL15 HI 5.26 1/4 JUL15 HI 5.26 1/4
LOW 5.08 1/4 LOW 5.08 1/4
CLOSE 5.10 3/4 Down 1 3/4 CLOSE 5.10 3/4 Down 1 3/4
Minni wheat closed moderately lower.
JUL1515 HI 5.82 1/2 SEP15 HI 5.91 1/2
LOW 5.57 1/2 LOW 5.68
CLOSE 5.63 Down 8 1/4 CLOSE 5.71 3/4 Down 8 1/2
GFO Cash Wheat Prices - DEL Terminal
Current Crop 14 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 2.82 1.82 1.01 0.95
CAD $/bu 7.92 6.93 6.12 6.58
CAD $/tonne 291.12 254.49 224.73 241.78
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 N/A N/A N/A N/A 1.35 0.70 N/A
London 2.89 1.52 0.77 N/A 2.91 1.53 0.74 N/A
Hensall 2.60 N/A 0.70 N/A 2.60 N/A 0.70 N/A
Trenton N/A N/A N/A N/A N/A N/A 0.70 N/A
Winchester N/A N/A N/A N/A N/A N/A N/A N/A
Essex N/A N/A 0.75 N/A N/A N/A 0.71 N/A
Norwich 2.60 N/A 0.70 N/A 2.60 N/A 0.70 N/A
Mt. Elgin N/A N/A N/A N/A N/A N/A N/A N/A
Kent Bridge 2.60 N/A 0.70 N/A 2.60 N/A 0.70 N/A
Chatham N/A N/A N/A N/A N/A 1.35 0.70 N/A
Brigden N/A N/A N/A N/A N/A N/A 0.70 N/A
Palmerston N/A 1.30 0.65 0.40 N/A 1.35 0.75 0.50
Varna 2.70 1.40 0.75 N/A 2.70 1.40 0.70 N/A
Mitchell 2.60 1.85 0.70 N/A 2.60 1.35 0.70 N/A
Thornton N/A N/A N/A 0.53 N/A N/A N/A N/A
North Gower N/A N/A N/A N/A N/A N/A N/A 1.21
TERMINAL
Sarnia N/A N/A N/A N/A N/A N/A N/A N/A
Hamilton N/A N/A N/A N/A N/A N/A N/A N/A
Pt. Stanley N/A N/A N/A N/A N/A N/A N/A N/A
PROCESSORS
Toledo FM 4.06N/A 1.51N/A N/A N/A 1.51N/A
Toledo El. 5.13US 6.39CA 5.18US 6.45CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 15 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 2.88 1.82 1.16 1.22
CAD $/bu 7.99 6.93 6.27 6.94
CAD $/tonne 293.41 254.49 230.22 254.95
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
Bayport Wheat 290.00
Bayport Oats 300.00
Bayport Barley 275.00
FOB Hm Soymeal 485.80 - 494.62
DDG's FOB Srn & Aylm 215.00 - 225.00
Wednesday, June 03, 2015
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT July 3.59 ↑ 09 cents
Soybeans CBOT July 9.35 ↑ 07 cents
Wheat CBOT July 5.11 ↑ 23 cents
Wheat Minn. July 5.63 ↑ 18 cents
Wheat Kansas July 5.29 ↑ 17 cents
Canadian $ June .8025 ↑ .15 points
CORN:
The crop progress report released by the United States Department of Agriculture (USDA) on June 1 showed that the corn crop is nearly completely planted, and almost 85% emerged. The crop's condition remained steady from the previous week.
On the charts: the corn is still in negative mode. With crop planting completed, we need something new to excite this market. The only positive I see technically is the oversold condition could produce a short term bounce. Support is seen at $3.50 then at $3.20.
All three indicators are negative.
SOYBEANS:
The USDA progress report as of June 1 showed soybean planting is still slightly ahead of average, along with the emergence rate.
On the charts: the July soybean contract continues its downward slide. A close below the $9 level would put severe pressure on prices and see a significant selloff. Support is seen at the $9 level and resistance is at $10 - $10.25. Rallies should still be viewed as selling opportunities.
All indicators are still negative.
WHEAT:
According to the USDA June 1 crop progress report, the nation's winter wheat rating slipped slightly to 44% good/excellent from 45%. Harvesting percentages will be released next week. The Kansas rating was unchanged at 30%.
On the charts: the past three trading sessions saw a 50 cent range on the July wheat contract. The June 3 session saw prices topping out at an intraday high of $5.26 before losing the gain and closing down two cents at $5.11 on July. The wheat charts are looking very interesting and I am a believer that we are in the process of reversing a multi-year downtrend. Having said that, we could possibly see more of a downside and even new lows before this becomes a reality. Initially, there is support at the $4.75 level and again at $4.50 - $4.60. I feel we would need a close above the $5.50 level based on the lead month contract to consider the back of the bear broken. Until then, we need to treat this market as the charts insist, bearish. All indicators are still negative continuing the multi-year slide.
2014 CROP CASH PRICES AS OF CLOSE June 03, 2015
SWW @ $291.20/mt ($7.93/bu), SRW @ $224.81/mt ($6.12/bu),
HRW @ $254.57/mt ($6.93/bu), HRS @ $241.75/mt ($6.58/bu).
Marty Hibbs, Grain Farmers of Ontario
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