[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Nov 3 15:39:00 EDT 2016
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, November 3
(All Bases in CAD)
Bank of Canada Noon exchange rate was 1.3386 down 0.0004
Chicago corn closed slightly higher.
DEC16 HI 3.48 3/4 DEC17 HI 3.86 1/4
LOW 3.45 LOW 3.82 3/4
CLOSE3.48 Up 1 3/4 CLOSE 3.86 Up 1 3/4
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +MAR17+MAR17+MAR17
CK Low 0.85 4.33 170.46 0.75 4.61 181.49
CK High 0.90 4.38 172.43 0.80 4.66 183.46
CK Avg 0.86 -0.24 4.34 170.79 0.77 -0.40 4.63 182.14
Essex Cty 0.85 4.33 170.46 0.80 4.66 183.46
Mdsx Low 0.85 4.33 170.46 0.75 4.61 181.49
Mdsx High 0.85 4.33 170.46 0.75 4.61 181.49
Mdsx Avg 0.85 -0.24 4.33 170.46 0.75 -0.41 4.61 181.49
Hensall 0.85 4.33 170.46 0.75 4.61 181.49
Bruce 0.85 4.33 170.46 0.75 4.61 181.49
Putnam 0.85 4.33 170.46 0.75 4.61 181.49
Burford 0.85 4.33 170.46 0.75 4.61 181.49
Port Perry 1.10 4.58 180.31 0.75 4.61 181.49
Norfolk 0.85 4.33 170.46 0.80 4.66 183.46
Palmerston 0.85 4.33 170.46 0.80 4.66 183.46
Varna 0.85 4.33 170.46 0.75 4.61 181.49
Trenton 1.30 4.78 188.18 0.85 4.71 185.42
Winchester 1.30 4.78 188.18 1.02 4.88 192.12
North Gower 1.20 4.68 184.24 0.97 4.83 190.15
Huron FOB 0.92 4.40 173.22 0.72 4.58 180.31
Kent FOB 0.85 4.33 170.46 0.80 4.66 183.46
Lamb FOB 0.90 4.38 172.43 0.75 4.61 181.49
Mdsx FOB 0.85 0.85N/A N/A 4.33 170.46 0.75 4.61 181.49
FOB SW Que 1.10 4.58 180.31N/A
Track 1.23 4.71 185.23N/A
PROCESSORS
Chat-Eth N/A 1.15 1.25 1.30 0.90 4.76 187.39
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A 1.10 1.15 0.90 4.76 187.39
Sarn-Eth 1.10 1.15 1.20N/A 4.58 180.31N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A N/A N/A 0.90 4.76 187.39
Pt.Colb-Ing N/A N/A 1.32 1.37 N/A
Cardnl-Ing 1.43 1.47N/A N/A 4.91 193.30 0.95 4.81 189.36
W O Feed 1.42 4.90 193.06
US Rep 1.65 5.13 201.96
Toledo El. -0.24 3.24 127.52 -0.33 3.53 138.80
MID SD CRN 0.87 1/2 4.35 1/2
HI SD CRN 0.90 4.38
*Wet Bid
Bank of Canada Noon exchange rate was 1.3386 down 0.0004
Chicago soybeans closed slightly higher.
JAN17 HI 9.94 NOV17 HI 9.84 1/2
LOW 9.85 1/2 LOW 9.78
CLOSE9.89 1/2 Up 3 CLOSE 9.81 3/4 Up 3 1/4
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +JAN1+JAN1+MAR17
CK Low 2.40 12.30 451.762.45 12.27 450.75
CK High 2.40 12.30 451.762.55 12.37 454.43
CK Average 2.40 -0.7112.30 451.762.49 -0.6112.31 452.35
Essex Cty 2.40 12.30 451.762.45 12.27 450.75
Mdsx Low 2.40 12.30 451.762.43 12.25 450.02
Mdsx High 2.40 12.30 451.762.50 12.32 452.59
Mdsx Average 2.40 -0.7112.30 451.762.47 -0.6312.28 451.30
Hensall 2.40 12.30 451.762.48 12.29 451.67
Bruce 2.40 12.30 451.762.50 12.32 452.59
Putnam 2.40 12.30 451.762.45 12.27 450.75
Burford 2.46 12.36 453.972.49 12.31 452.22
Port Perry 2.37 12.27 450.662.40 12.22 448.92
Norfolk 2.40 12.30 451.762.50 12.32 452.59
Palmerston 2.40 12.30 451.762.45 12.27 450.75
Varna 2.40 12.30 451.762.45 12.27 450.75
Trenton 2.50 12.40 455.442.50 12.32 452.59
Winchester 2.61 12.51 459.482.54 12.36 454.06
North Gower 2.56 12.46 457.642.59 12.41 455.90
Huron FOB 2.55 12.45 457.282.55 12.37 454.43
Kent FOB 2.50 12.40 455.442.50 12.32 452.59
Lambton FOB 2.65 12.55 460.952.80 12.62 463.61
Middlesex FOB2.57 2.70 2.77 N/A 12.47 458.012.67 12.49 458.84
PROCESSORS
Hamilton 2.82 3.08 3.15 N/A 12.72 467.203.02 12.84 471.70
Windsor N/A N/A N/A N/A N/A
Winchester N/A N/A
TRANSFER
Prescott 2.68 12.58 462.052.94 12.76 468.76
Toledo El. -0.63 9.27 340.47-0.33 9.48 348.45
Bank of Canada Noon exchange rate was 1.3386 down 0.0004
Chicago wheat closed slightly lower.
DEC16 HI 4.20 JUL17 HI 4.64 3/4
LOW 4.09 LOW 4.55 1/4
CLOSE 4.12 Down 5 3/4 CLOSE 4.58 1/2 Down 3 1/2
Minni wheat closed moderately lower.
DEC16 HI 5.18 3/4 SEP17 HI 5.46
LOW 5.09 LOW 5.40
CLOSE 5.09 3/4 Down 7 1/2 CLOSE 5.40 3/4 Down 6 1/4
GFO Cash Wheat Prices - DEL Terminal
Harvest 16 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.66 0.59 0.66 0.38
CAD $/bu 4.78 4.71 4.78 5.48
CAD $/tonne 175.51 173.05 175.51 201.44
Direct MarkHarvest 2016 Harvest 2017
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 0.50 N/A N/A 0.55 0.55 N/A
London 0.40 0.36 0.40 N/A 0.69 0.55 0.62 N/A
Hensall 0.50 N/A 0.50 N/A 0.65 N/A 0.55 N/A
Trenton N/A N/A 0.40 N/A N/A N/A 0.60 N/A
Bruce 0.50 0.45 0.50 0.30 0.65 0.55 0.55 0.45
Essex N/A N/A 0.49 N/A N/A N/A 0.55 N/A
Norwich 0.50 N/A 0.50 N/A 0.65 N/A 0.55 N/A
Port Hope N/A 0.40 0.50 N/A N/A 0.50 0.55 N/A
Kent Bridge 0.50 N/A 0.50 N/A 0.65 N/A 0.55 N/A
Chatham N/A N/A 0.50 N/A N/A N/A 0.55 N/A
Brigden N/A N/A 0.50 N/A N/A N/A 0.55 N/A
Palmerston N/A 0.45 0.45 0.30 N/A 0.55 0.55 0.40
Varna 0.55 0.55 0.55 N/A 0.60 0.55 0.55 N/A
Mitchell 0.50 0.40 0.50 N/A 0.65 0.50 0.55 N/A
Thornton N/A N/A N/A 0.43 N/A N/A N/A N/A
North Gower N/A 0.51 0.58 0.21 N/A 0.88 0.88 0.54
TERMINAL
Prescott N/A N/A 0.70 0.61 N/A 0.60 0.84 0.74
PROCESSORS
Toledo FM N/A N/A 1.39 N/A N/A N/A 1.55 N/A
Toledo El. 4.02US 5.38CA 4.39US 5.86CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.88 0.81 0.81 0.62
CAD $/bu 5.46 5.40 5.40 6.03
CAD $/tonne 200.69 198.24 198.24 221.45
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 473.34
DDG's FOB Srn & Aylm 150.00 - 155.00
---
Ontario Grain Market Commentary for November 2, 2016 by Marty Hibbs, Grain Farmers of Ontario
Wednesday, November-02, 2016 Closing Prices
COMMODITY
PERIOD
PRICE
WEEKLY MOVEMENT
Corn CBOT
Dec
3.47
↓
07
cents
Soybeans CBOT
Jan
9.87
↓
37
cents
Wheat CBOT
Dec
4.17
↑
06
cents
Wheat Minn.
Dec
5.18
↓
07
cents
Wheat Kansas
Dec
4.15
↓
02
cents
Chicago Oats
Dec
2.26
↑
16
cents
Canadian $
Dec
.7470
↓
0.20
points
CORN: The December corn moved in a tight trading range as the $3.60 resistance we spoke of last week, proved to be too much for the December contract. From this level, we could see a pullback towards the $3.35 support zone. The December chart is showing a nice bowl formation which could suggest higher prices in the months to come. But for now, the price action is painstakingly slow and we could see more sideways action during the month of November. A sloping uptrend support line shows good support at the $3.35 level on December while our overhead resistance is still the same wide band from the $3.60 - $3.80 range.
The short term indicators are still positive, but the main trend is still down.
SOYBEANS: Soybeans reached our $10.30 target resistance area this week and backed off quite significantly. At this point in the season, we could have seen the short term highs for the November contract and possibly a retest of the $9.30 levels on the January contract in the coming weeks. We are now trading based on the January contract as Tuesday, November 1, was first notice day for the soybeans. That alone could put more downward pressure on the prices as we see harvest wind down and news from South America of plantings being ahead of schedule. Support is seen on the January contract at the $9.70 level and again at the important $9.30 area. A close below $9.25 could set us up for further price deterioration and a test of the $8.50 lows of 2016. Even though we have a minor buy signal, we must keep in mind that the intermediate and primary trends are still down.
WHEAT: The week of October 31 saw a tight trading range of about 15 cents per bushel as the wheat sloshed around without any clear direction. At this time, we expect to see more of the same - with prices over the next couple of weeks bouncing between $4 and $4.30 on the December contract. Meanwhile, we have mixed signals once again as our minor trend is still up, while our intermediate and primary trends are still down. Our overhead resistance remains at $4.25 and $4.40 while initial support is seen at the $4 level on the December Chicago contract. Short term indicators are still friendly but both intermediate and primary trends are still down.
2016 CROP CASH PRICES as of close on November 2, 2016
SWW @ $178.49MT ($4.86/bu), HRW @ $176.03/MT ($4.79/bu),
HRS @ $205.04/MT ($5.58/bu), SRW @ $178.49/MT ($4.86/bu).
---
Blair Andrews
Editor, AgriLink and Farm Market News
University of Guelph, Ridgetown Campus
Tel. 519-674-1500<callto:519-674-1500> x 63577
Fax. 519-674-1530<callto:519-674-1530>
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This Farm Market News product is sponsored by:
Grain Farmers of Ontario
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