[Farmmarketnews] Thursday Ontario Commodity Report
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Nov 10 15:40:57 EST 2016
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, November 10
(All Bases in CAD)
Bank of Canada Noon exchange rate was 1.3475 up 0.0067
Chicago corn closed slightly higher.
DEC16 HI 3.46 1/2 DEC17 HI 3.85 1/2
LOW 3.40 1/4 LOW 3.79 1/4
CLOSE3.43 1/2 Up 2 3/4 CLOSE 3.82 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 4.29 168.69 0.80 4.62 181.88
CK High 0.85 4.29 168.69 0.80 4.62 181.88
CK Avg 0.85 -0.25 4.29 168.69 0.80 -0.38 4.62 181.88
Essex Cty 0.85 4.29 168.69 0.80 4.62 181.88
Mdsx Low 0.85 4.29 168.69 0.80 4.62 181.88
Mdsx High 0.85 4.29 168.69 0.80 4.62 181.88
Mdsx Avg 0.85 -0.25 4.29 168.69 0.80 -0.38 4.62 181.88
Hensall 0.85 4.29 168.69 0.80 4.62 181.88
Bruce 0.85 4.29 168.69 0.80 4.62 181.88
Putnam 0.85 4.29 168.69 0.80 4.62 181.88
Burford 0.85 4.29 168.69 0.80 4.62 181.88
Port Perry 1.10 4.54 178.54 0.80 4.62 181.88
Norfolk 0.85 4.29 168.69 0.80 4.62 181.88
Palmerston 0.85 4.29 168.69 0.80 4.62 181.88
Varna 0.85 4.29 168.69 0.80 4.62 181.88
Trenton 1.30 4.74 186.41 0.85 4.67 183.85
Winchester 1.30 4.74 186.41 1.02 4.84 190.54
North Gower 1.20 4.64 182.47 0.96 4.78 188.18
Huron FOB 0.90 4.34 170.66 0.70 4.52 177.94
Kent FOB 0.85 4.29 168.69 0.75 4.57 179.91
Lamb FOB 0.90 4.34 170.66 0.75 4.57 179.91
Mdsx FOB 0.85 0.90 0.95N/A 4.29 168.69 0.75 4.57 179.91
FOB SW Que 1.10 4.54 178.54N/A
Track 1.28 4.71 185.42N/A
PROCESSORS
Chat-Eth N/A 1.05 1.10 1.15 1.10 4.92 193.69
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A 1.10 1.10 1.00 4.82 189.76
Sarn-Eth N/A 1.15 1.20 1.25 N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing 1.20N/A N/A N/A 4.64 182.47 1.10 4.92 193.69
Pt.Colb-Ing N/A N/A 1.28 1.32 N/A
Cardnl-Ing N/A 1.30N/A N/A 1.15 4.97 195.66
W O Feed 1.36 4.80 188.77
US Rep 1.64 5.08 199.79
Toledo El. -0.20 3.23 127.28 -0.34 3.48 137.17
MID SD CRN 0.85 4.28 1/2
HI SD CRN 0.85 4.28 1/2
*Wet Bid
Bank of Canada Noon exchange rate was 1.3475 up 0.0067
Chicago soybeans closed slightly higher.
JAN17 HI 10.19 NOV17 HI 10.08 1/2
LOW 9.89 LOW 9.84 1/2
CLOSE9.98 Up 7 CLOSE 9.93 3/4 Up 8 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 2.55 12.53 460.402.58 12.52 459.94
CK High 2.60 12.58 462.242.65 12.59 462.51
CK Average 2.56 -0.6712.54 460.702.61 -0.6012.54 460.86
Essex Cty 2.55 12.53 460.402.60 12.54 460.67
Mdsx Low 2.55 12.53 460.402.56 12.50 459.20
Mdsx High 2.55 12.53 460.402.60 12.54 460.67
Mdsx Average 2.55 -0.6812.53 460.402.58 -0.6112.52 459.94
Hensall 2.55 12.53 460.402.60 12.54 460.67
Bruce 2.55 12.53 460.402.60 12.54 460.67
Putnam 2.55 12.53 460.402.55 12.49 458.84
Burford 2.58 12.56 461.502.59 12.53 460.31
Port Perry 2.52 12.50 459.302.53 12.47 458.10
Norfolk 2.55 12.53 460.402.60 12.54 460.67
Palmerston 2.55 12.53 460.402.60 12.54 460.67
Varna 2.55 12.53 460.402.60 12.54 460.67
Trenton 2.60 12.58 462.242.60 12.54 460.67
Winchester 2.75 12.73 467.752.64 12.58 462.14
North Gower 2.70 12.68 465.912.69 12.63 463.98
Huron FOB 2.65 12.63 464.072.65 12.59 462.51
Kent FOB 2.65 12.63 464.072.60 12.54 460.67
Lambton FOB 2.90 12.88 473.262.90 12.84 471.70
Middlesex FOB2.72 2.85 2.85 N/A 12.70 466.652.73 12.67 465.45
PROCESSORS
Hamilton 2.96 3.23 3.29 N/A 12.94 475.463.17 13.11 481.62
Windsor N/A N/A N/A N/A N/A
Winchester N/A N/A
TRANSFER
Prescott 2.81 12.79 469.953.05 12.99 477.21
Toledo El. -0.63 9.35 343.45-0.34 9.60 352.81
Bank of Canada Noon exchange rate was 1.3475 up 0.0067
Chicago wheat closed slightly lower.
DEC16 HI 4.14 1/4 JUL17 HI 4.62 3/4
LOW 4.02 LOW 4.50 1/4
CLOSE 4.04 3/4 Down 2 CLOSE 4.52 1/4 Down 3 1/2
Minni wheat closed narrowly mixed.
DEC16 HI 5.22 1/2 SEP17 HI 5.50 1/4
LOW 5.12 1/2 LOW 5.41 3/4
CLOSE 5.15 Up 1/2 CLOSE 5.41 3/4 Down 2 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 0.44
CAD $/bu 4.71 4.64 4.71 5.59
CAD $/tonne 173.06 170.58 173.06 205.34
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 0.55 N/A N/A 0.60 0.55 N/A
London 0.55 0.44 0.55 N/A 0.71 0.58 0.65 N/A
Hensall 0.60 N/A 0.60 N/A 0.70 N/A 0.60 N/A
Trenton N/A N/A N/A N/A N/A N/A 0.60 N/A
Bruce 0.55 0.50 0.55 0.30 0.65 0.55 0.55 0.45
Essex N/A N/A 0.48 N/A N/A N/A 0.55 N/A
Norwich 0.60 N/A 0.60 N/A 0.70 N/A 0.60 N/A
Port Hope N/A 0.60 0.60 N/A N/A 0.50 0.60 N/A
Kent Bridge 0.60 N/A 0.60 N/A 0.70 N/A 0.60 N/A
Chatham N/A N/A 0.55 N/A N/A N/A 0.60 N/A
Brigden N/A N/A 0.55 N/A N/A N/A 0.60 N/A
Palmerston N/A 0.50 0.55 0.55 N/A 0.55 0.55 0.55
Varna 0.60 0.60 0.60 N/A 0.65 0.60 0.60 N/A
Mitchell 0.60 0.60 0.60 N/A 0.70 0.55 0.60 N/A
Thornton N/A N/A N/A 0.32 N/A N/A N/A N/A
North Gower N/A 0.48 0.55 0.21 N/A 0.87 0.87 0.54
TERMINAL
Prescott N/A N/A 0.70 0.62 N/A 0.60 0.86 0.75
PROCESSORS
Toledo FM N/A N/A 1.40 N/A N/A N/A 1.55 N/A
Toledo El. 3.95US 5.32CA 4.32US 5.80CA
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 0.65
CAD $/bu 5.40 5.33 5.33 6.07
CAD $/tonne 198.44 195.98 195.98 222.86
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 486.57
DDG's FOB Srn & Aylm 150.00 - 155.00
----
Ontario Grain Market Commentary for November 9, 2016, by Marty Hibbs, Grain Farmers of Ontario
Wednesday, November-09, 2016 Closing Prices
COMMODITY
PERIOD
PRICE
WEEKLY MOVEMENT
Corn CBOT
Dec
3.41
↓
06
cents
Soybeans CBOT
Jan
9.91
↑
04
cents
Wheat CBOT
Dec
4.07
↓
10
cents
Wheat Minn.
Dec
5.15
↓
03
cents
Wheat Kansas
Dec
4.10
↓
05
cents
Chicago Oats
Dec
2.23
↓
03
cents
Canadian $
Dec
.7480
↑
0.10
points
CORN: The United States Department of Agriculture (USDA) report was released on November 9 and the most noticeable change was the corn yields, increasing two bushels per acre from expectations. Total production increased about two million bushels and U.S. carryout for the year was 2.403 billion bushels, compared to an expected 2.30 billion bushels. Meanwhile, the Chicago futures did slip back towards the $3.35 level that we mentioned last week as we closed out the trading session at $3.40 on the December contract. We should find support at this level, but failure to stay above the $3.35 on a close would signal further weakness and a possible move back toward the contract lows around the $3.15 level on the December contract. 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: The USDA soybean report was in line with expectations with regard to the yields and carryout. However, the big surprise was in both the U.S. and global carryouts. The U.S. carryout was 480 million bushels versus an estimated 420 million. The global carryout came in at 81.5 million tonnes vs. an estimated 76.98 million tonnes. The January futures closed down 20 cents per bushel after the report at $9.91 per bushel on Chicago. Initial overhead resistance is now at $10.30, while support is seen on the January contract at the $9.70 level and again at the important $9.25 - $9.40 area. A close below $9.25 could set us up for further price deterioration and a test of the $8.50 lows of 2016. Although we have seen a minor bounce in prices, we must keep in mind that the intermediate and primary trends are still down.
WHEAT: The USDA report showed little in the way of surprises for the U.S. wheat carryout but the global carryout was adjusted upward slightly from the October report with a carryout of 249.2 million tonnes worldwide compared to 247.85 tonnes in October. The weakness from the corn seemed to spill over into the wheat pit as the price for the December wheat contract closed out the session at $4.07. Although we are still in our trading range of $4.00 to $4.30 that we have spoken of last week, this is pressuring the charts. If we close below $4.07, we could see a test of the contract lows going into the first notice day for December. Our overhead resistance remains at $4.25 and $4.40 while initial support is seen at the $3.85- $4 level on the December Chicago contract. Short term indicators still show hope for higher prices but both intermediate and primary trends are still down.
2016 CROP CASH PRICES as of close on November 9, 2016
SWW @ $172.89MT ($4.71/bu), HRW @ $170.43/MT ($4.64/bu),
HRS @ $203.58/MT ($5.54/bu), SRW @ $172.89/MT ($4.71/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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