[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Apr 27 15:49:52 EDT 2017
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, April 27
(All Bases in CAD)
Bank of Canada Noon exchange rate was 1.3667 up 0.0075
Chicago corn closed slightly higher.
JUL17 HI 3.71 1/4 DEC17 HI 3.88 3/4
LOW 3.66 LOW 3.83 1/4
CLOSE3.69 1/4 Up 2 1/2 CLOSE 3.86 3/4 Up 2 1/2
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +JUL17+JUL17+SEP17
CK Low 0.63 4.32 170.17 0.90 4.77 187.69
CK High 0.80 4.49 176.86 0.95 4.82 189.66
CK Avg 0.72 -0.45 4.41 173.65 0.91 -0.36 4.78 188.02
Essex Cty 0.50 4.19 165.05 0.85 4.72 185.72
Mdsx Low 0.70 4.39 172.93 0.90 4.77 187.69
Mdsx High 0.75 4.44 174.89 0.90 4.77 187.69
Mdsx Avg 0.73 -0.45 4.42 173.91 0.90 -0.37 4.77 187.69
Hensall 0.75 4.44 174.89 0.93 4.79 188.67
Bruce 0.80 4.49 176.86 1.00 4.87 191.63
Putnam 0.68 4.37 172.14 0.90 4.77 187.69
Burford 0.75 4.44 174.89 0.90 4.77 187.69
Port Perry 0.90 4.59 180.80 0.90 4.77 187.69
Norfolk 0.78 4.47 176.07 1.00 4.87 191.63
Palmerston 0.73 4.42 174.11 0.90 4.77 187.69
Varna 0.68 4.37 172.14 0.95 4.82 189.66
Trenton 0.98 4.67 183.95 0.95 4.82 189.66
Winchester 1.13 4.82 189.85 1.20 5.07 199.50
North Gower 1.05 4.74 186.70 1.00 4.87 191.63
Huron FOB 1.10 4.79 188.67 1.00 4.87 191.63
Kent FOB 0.98 4.67 183.95 0.90 4.77 187.69
Lamb FOB 0.93 4.62 181.98 0.85 4.72 185.72
Mdsx FOB 0.73 0.80 0.85N/A 4.42 174.11 0.90 4.77 187.69
FOB SW Que 1.32 5.01 197.33N/A
Track 1.22 4.91 193.20N/A
PROCESSORS
Chat-Eth N/A 1.20 1.25 1.25 1.07 4.94 194.38
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A N/A 1.25 1.05 4.92 193.59
Sarn-Eth N/A 1.25 1.25 1.25 N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A N/A N/A 1.10 4.97 195.56
Pt.Colb-Ing N/A N/A N/A N/A 1.15 5.02 197.53
Cardnl-Ing N/A N/A N/A N/A 1.25 5.12 201.47
W O Feed 1.37 5.06 199.14
US Rep 1.75 5.44 214.26
Toledo El. -0.19 3.50 137.86 -0.34 3.53 138.85
TRANSFER
Sarnia 0.65 4.34 170.96 0.90 4.77187 2/3
MID SD CRN 0.71 1/2 4.40 3/4 0.92 1/2 4.79 1/4
HI SD CRN 0.80 4.49 1/4 0.95 4.81 3/4
*Wet Bid
Bank of Canada Noon exchange rate was 1.3667 up 0.0075
Chicago soybeans closed narrowly mixed.
JUL17 HI 9.61 1/4 NOV17 HI 9.57 1/2
LOW 9.54 1/4 LOW 9.52 1/4
CLOSE9.57 1/4 Up 3/4 CLOSE 9.54 1/2 Up 1/2
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +JUL1+JUL1+JUL17
CK Low 2.55 12.12 445.432.45 12.00 440.74
CK High 2.66 12.23 449.472.50 12.05 442.58
CK Average 2.63 -0.6112.21 448.492.49 -0.7112.03 442.15
Essex Cty 2.64 12.21 448.732.50 12.05 442.58
Mdsx Low 2.66 12.23 449.472.46 12.01 441.11
Mdsx High 2.70 12.27 450.942.55 12.10 444.42
Mdsx Average 2.68 -0.5712.25 450.202.51 -0.7012.05 442.76
Hensall 2.70 12.27 450.942.55 12.10 444.42
Bruce 2.70 12.27 450.942.55 12.10 444.42
Putnam 2.59 12.16 446.902.55 12.10 444.42
Burford 2.77 12.34 453.512.57 12.12 445.15
Port Perry 2.66 12.23 449.472.46 12.01 441.11
Norfolk 2.70 12.27 450.942.60 12.15 446.25
Palmerston 2.54 12.11 445.062.40 11.95 438.90
Varna 2.59 12.16 446.902.55 12.10 444.42
Trenton 2.59 12.16 446.902.55 12.10 444.42
Winchester 2.59 12.16 446.902.50 12.05 442.58
North Gower 2.46 12.03 442.122.69 12.24 449.56
Huron FOB 2.85 12.42 456.452.65 12.20 448.09
Kent FOB 2.75 12.32 452.772.50 12.05 442.58
Lambton FOB 2.75 12.32 452.772.65 12.20 448.09
Middlesex FOB2.85 2.85 N/A N/A 12.42 456.452.67 12.22 448.82
PROCESSORS
Hamilton 3.22 3.22 3.15 3.15 12.79 470.043.10 12.65 464.62
N/A N/A N/A
TRANSFER
Prescott 2.66 12.23 449.472.98 12.53 460.21
Sarnia 2.61 12.18 447.632.86 12.41 455.81
Toledo El. -0.44 9.14 335.72-0.57 8.97 329.70
Bank of Canada Noon exchange rate was 1.3667 up 0.0075
Chicago wheat closed slightly higher.
MAY17 HI 4.15 JUL17 HI 4.33
LOW 4.06 LOW 4.25
CLOSE 4.13 1/2 Up 5 3/4 CLOSE 4.31 1/4 Up 4 3/4
Minni wheat closed slightly higher.
MAY17 HI 5.45 SEP17 HI 5.64
LOW 5.36 1/2 LOW 5.57
CLOSE 5.40 Up 2 1/4 CLOSE 5.59 1/4 Up 2 1/4
GFO Cash Wheat Prices - DEL Terminal
Harvest 16 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.75 0.75 0.75 0.46
CAD $/bu 4.88 4.88 4.88 5.86
CAD $/tonne 179.38 179.38 179.38 215.15
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 0.70 N/A N/A N/A 0.80 N/A
London 0.79 0.79 0.72 N/A 1.00 0.79 0.79 N/A
Hensall 0.98 N/A 0.88 N/A 0.95 N/A 0.80 N/A
Trenton N/A N/A N/A N/A N/A N/A 0.95 N/A
Bruce 0.98 0.88 0.88 0.53 0.95 0.75 0.80 0.60
Essex N/A N/A 0.62 N/A N/A N/A 0.61 N/A
Norwich 0.98 N/A 0.88 N/A 0.95 N/A 0.80 N/A
Port Hope N/A N/A 0.88 N/A N/A 0.80 0.85 N/A
Kent Bridge 0.98 N/A 0.88 N/A 0.95 N/A 0.80 N/A
Chatham N/A N/A 0.75 N/A N/A N/A 0.80 N/A
Brigden N/A N/A 0.75 N/A N/A N/A 0.80 N/A
Palmerston N/A 0.70 0.70 0.40 N/A 0.75 0.75 0.60
Varna 0.70 0.65 0.65 N/A 1.10 0.80 0.80 N/A
Mitchell 0.98 0.88 0.88 N/A 0.95 0.80 0.80 N/A
Thornton N/A N/A N/A 0.14 N/A N/A N/A N/A
North Gower N/A 0.62 0.62 0.24 N/A 1.16 1.16 0.82
W O Feed 1.44
TERMINAL
Sarnia N/A N/A 1.02 N/A 1.34 N/A 1.11 N/A
Prescott N/A N/A N/A N/A N/A N/A 0.98 N/A
PROCESSORS
Toledo FM N/A N/A 1.50N/A N/A N/A 1.56N/A
Toledo El. 4.12US 5.60CA 4.16US 5.67CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.15 1.15 1.15 0.59
CAD $/bu 5.46 5.46 5.46 6.19
CAD $/tonne 200.77 200.77 200.77 227.29
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 463.86
DDG's FOB Srn & Aylm 175.00
----
Ontario Grain Market Commentary for April 26, 2017
By Marty Hibbs, Grain Farmers of Ontario
Wednesday, April 26, 2017 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT July 3.67 ↓ 03 cents
Soybeans CBOT July 9.56 ↓ 05 cents
Wheat CBOT July 4.27 ↑ 00 cents
Wheat Minn. July 5.50 ↑ 05 cents
Wheat Kansas July 4.25 ↓ 05 cents
Chicago Oats July 2.20 ↓ 02 cents
Canadian $ June .7350 ↓ 0.75 points
CORN: We are switching to the July corn contract for our analysis as Friday, April 28 which is the first notice day on the May contract. One concern that I see for corn is the persistent rainfall that seems to be lingering around the U.S. mid-west. Of course it is still early, but it is worth watching. Weather forecasts suggest the 10 day outlook calls for more rain and cooler temperatures. Support on the July contract is seen at $3.60 while overhead resistance is still at $4.
Short term indicators are negative and the main trend is still down.
SOYBEANS: We will be focusing on the July and November contracts for soybeans with regard to the technicals starting this week. The July contract seems to have found a temporary bottom at the $9.40 level for the time being. Failure to hold this support line on a close would suggest a re-test of the $9 level once again. Supply overhang is still a serious concern with South America’s bumper harvest numbers. Immediate overhead resistance is seen at the $10 mark on the July contract. Short term indicators are all negative and the main trend is still down.
WHEAT: We received a positive indicator on Tuesday, April 25 suggesting at least a temporary bottom and it should be worth watching. With record short positions by hedge funds, this signal alone could be the start of a short covering rally which could catapult prices higher over the near term. This of course is not a signal to go long, but rather an indicator that this six-year bear market could be coming to an end this season. A second pattern that I’m watching is indicating a possible bottom in the wheat by early summer or earlier. This of course is just a pattern that is developing and has not completed its formation, but one that I will be watching closely. We will be looking for other signals in the coming weeks for more clues of a possible bottoming action. Support on the July contract is seen at $4.15 and again closer to the $4 mark. Our overhead resistance is now $4.40 - $4.50 also on the July contract.
Meanwhile, short term indicators are still negative and the primary trend is still down.
Harvest 2017 prices as of the close, April 26 are as follows:
SWW @ $198.46/MT ($5.40/bu), HRW @ $198.46/MT ($5.40/bu),
HRS @ $238.45/MT ($6.49/bu), SRW @ $198.46/MT ($5.40/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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