[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Feb 9 15:53:34 EST 2017
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, February 9
(All Bases in CAD)
Bank of Canada Noon exchange rate was 1.3141 down 0.0016
Chicago corn closed slightly lower.
MAR17 HI 3.72 3/4 DEC17 HI 3.98 3/4
LOW 3.67 1/2 LOW 3.94 1/2
CLOSE3.69 1/2 Down 1 1/4 CLOSE 3.95 3/4 Down 1 3/4
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +MAY17+MAY17+JUL17
CK Low 0.65 4.35 171.06 0.75 4.71 185.33
CK High 0.70 4.40 173.02 0.80 4.76 187.29
CK Avg 0.67 -0.37 4.36 171.71 0.77 -0.36 4.72 185.98
Essex Cty 0.55 4.25 167.12 0.75 4.71 185.33
Mdsx Low 0.65 4.35 171.06 0.75 4.71 185.33
Mdsx High 0.65 4.35 171.06 0.75 4.71 185.33
Mdsx Avg 0.65 -0.39 4.35 171.06 0.75 -0.37 4.71 185.33
Hensall 0.68 4.37 172.04 0.78 4.73 186.31
Bruce 0.80 4.50 176.96 0.80 4.76 187.29
Putnam 0.65 4.35 171.06 0.75 4.71 185.33
Burford 0.65 4.35 171.06 0.75 4.71 185.33
Port Perry 1.05 4.75 186.80 0.80 4.76 187.29
Norfolk 0.80 4.50 176.96 0.90 4.86 191.23
Palmerston 0.65 4.35 171.06 0.75 4.71 185.33
Varna 0.70 4.40 173.02 0.80 4.76 187.29
Trenton 1.10 4.80 188.77 0.80 4.76 187.29
Winchester 1.15 4.85 190.74 1.15 5.11 201.07
North Gower 1.14 4.84 190.35 1.10 5.06 199.10
Huron FOB 0.95 4.65 182.87 0.85 4.81 189.26
Kent FOB 1.00 4.70 184.83 0.80 4.76 187.29
Lamb FOB 1.00 4.70 184.83 0.75 4.71 185.33
Mdsx FOB 0.85 0.90 0.90N/A 4.55 178.93 0.75 4.71 185.33
FOB SW Que 1.18 4.88 191.92N/A
Track 1.23 4.92 193.69N/A
PROCESSORS
Chat-Eth 1.15 1.15 1.15 1.20 4.85 190.74 1.00 4.96 195.17
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A 1.15 1.25 0.95 4.91 193.20
Sarn-Eth 1.15 1.15 1.15 1.20 4.85 190.74N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A N/A N/A 1.03 4.99 196.35
Pt.Colb-Ing N/A N/A N/A N/A N/A
Cardnl-Ing N/A N/A N/A 1.45 1.13 5.09 200.29
W O Feed 1.40 5.09 200.50
US Rep 1.70 5.40 212.39
Toledo El. -0.05 3.64 143.40 -0.33 3.63 142.89
TRANSFER
Sarnia 1.05 4.75 186.80 0.95 4.91193 1/5
MID SD CRN 0.67 1/2 4.37
HI SD CRN 0.70 4.39 1/2
*Wet Bid
Bank of Canada Noon exchange rate was 1.3141 down 0.0016
Chicago soybeans closed slightly lower.
MAR17 HI 10.61 1/2 NOV17 HI 10.28 3/4
LOW 10.45 LOW 10.19 1/4
CLOSE10.50 1/2 Down 8 1/4 CLOSE 10.26 Down 2 1/4
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +MAR1+MAY1+MAY17
CK Low 2.50 13.01 477.852.39 12.65 464.81
CK High 2.55 13.06 479.692.45 12.71 467.01
CK Average 2.54 -0.5813.04 479.262.42 -0.5912.68 466.03
Essex Cty 2.55 13.06 479.692.45 12.71 467.01
Mdsx Low 2.53 13.04 478.952.37 12.63 464.07
Mdsx High 2.60 13.11 481.532.50 12.76 468.85
Mdsx Average 2.57 -0.5513.07 480.242.44 -0.5812.70 466.46
Hensall 2.58 13.08 480.612.50 12.76 468.85
Bruce 2.60 13.11 481.532.50 12.76 468.85
Putnam 2.60 13.11 481.532.50 12.76 468.85
Burford 2.62 13.13 482.262.46 12.72 467.38
Port Perry 2.53 13.04 478.952.37 12.63 464.07
Norfolk 2.60 13.11 481.532.55 12.81 470.69
Palmerston 2.60 13.11 481.532.50 12.76 468.85
Varna 2.55 13.06 479.692.50 12.76 468.85
Trenton 2.60 13.11 481.532.50 12.76 468.85
Winchester 2.66 13.17 483.732.70 12.96 476.20
North Gower 2.56 13.07 480.062.62 12.88 473.26
Huron FOB 2.65 13.16 483.362.60 12.86 472.52
Kent FOB 2.65 13.16 483.362.40 12.66 465.18
Lambton FOB 2.65 13.16 483.362.60 12.86 472.52
Middlesex FOB2.63 2.70 2.65 N/A 13.14 482.632.53 12.79 469.95
PROCESSORS
Hamilton 3.05 3.10 3.07 N/A 13.56 498.062.90 13.16 483.55
N/A N/A N/A
TRANSFER
Prescott 2.78 13.29 488.142.86 13.12 482.08
Sarnia 2.46 12.97 476.382.70 12.96 476.20
Toledo El. -0.49 10.02 368.13-0.51 9.75 358.19
Bank of Canada Noon exchange rate was 1.3141 down 0.0016
Chicago wheat closed moderately higher.
MAR17 HI 4.44 JUL17 HI 4.67
LOW 4.29 1/2 LOW 4.53 1/4
CLOSE 4.43 1/2 Up 11 CLOSE 4.67 Up 11
Minni wheat closed moderately higher.
MAR17 HI 5.69 1/2 SEP17 HI 5.68 1/2
LOW 5.56 LOW 5.60 1/2
CLOSE 5.68 1/2 Up 11 CLOSE 5.68 Up 6 3/4
GFO Cash Wheat Prices - DEL Terminal
Harvest 16 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.87 0.87 0.87 0.47
CAD $/bu 5.30 5.30 5.30 6.15
CAD $/tonne 194.75 194.75 194.75 226.12
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 0.60 N/A
London 0.74 0.74 0.74 N/A 0.75 0.69 0.69 N/A
Hensall 0.70 N/A 0.70 N/A 0.65 N/A 0.60 N/A
Trenton N/A N/A N/A N/A N/A N/A 0.80 N/A
Bruce 0.70 0.70 0.70 0.40 0.65 0.65 0.60 0.60
Essex N/A N/A 0.51 N/A N/A N/A 0.47 N/A
Norwich 0.70 N/A 0.70 N/A 0.65 N/A 0.60 N/A
Port Hope N/A N/A 0.70 N/A N/A 0.65 0.65 N/A
Kent Bridge 0.70 N/A 0.70 N/A 0.65 N/A 0.60 N/A
Chatham N/A N/A 0.70 N/A N/A N/A 0.65 N/A
Brigden N/A N/A 0.70 N/A N/A N/A 0.65 N/A
Palmerston N/A 0.70 0.70 0.40 N/A 0.65 0.60 0.60
Varna 0.70 0.70 0.70 N/A 0.95 0.65 0.65 N/A
Mitchell 0.70 0.70 0.70 N/A 0.65 0.60 0.60 N/A
Thornton N/A N/A N/A 0.15 N/A N/A N/A N/A
North Gower N/A 0.74 0.74 0.24 N/A 0.86 0.86 0.61
W O Feed 1.37
TERMINAL
Sarnia 1.14 0.79 0.94 N/A 1.08 0.73 0.85 N/A
Prescott N/A N/A 0.76 N/A N/A N/A 0.95 N/A
PROCESSORS
Toledo FM N/A N/A 1.39N/A N/A N/A 1.46N/A
Toledo El. 4.34US 5.69CA 4.47US 5.86CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.06 1.06 1.06 0.72
CAD $/bu 5.73 5.73 5.73 6.40
CAD $/tonne 210.64 210.64 210.64 235.22
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 507.51
DDG's FOB Srn & Aylm 145.00 - 150.00
----
Ontario Grain Market Commentary for Feb. 9, 2017, by Marty Hibbs, Grain Farmers of Ontario
Wednesday, February 9, 2017 Closing Prices
Thursday, February 9, 2017 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT Mar 3.69 ↑ 01 cents
Soybeans CBOT Mar 10.50 ↑ 13 cents
Wheat CBOT Mar 4.43 ↑ 09 cents
Wheat Minn. Mar 5.68 ↑ 13 cents
Wheat Kansas Mar 4.51 ↑ 11 cents
Chicago Oats Mar 2.54 ↑ 04 cents
Canadian $ Mar .7612 ↓ 0.50 points
CORN: This month’s United States Department of Agriculture (USDA) report highlighted a 4 MMT increase in Chinese demand coupled with a 1.5 MMT increase in Mexican output.
As for the charts, we are still stuck at our $3.70 resistance, but if and when we manage to clear this resistance convincingly and close above here, we are cleared for our next task which is an attempt at the $3.80 - $4 corn. Our main downtrend line runs just north of $4 on the lead month contract. Short term and weekly indicators are still positive, but the main trend is still down.
SOYBEANS: Highlights of the USDA report showed Argentina’s soybean crop being cut 1.5 million metric tonnes but the cut was less than expected and the beans softened after the report. The trading range is getting smaller each passing week and soybeans are heading into a narrow vertex on the weekly chart, which should resolve itself before the end of May. Currently, the range is between $10 and $11. Initial support is still at the $10. level on March, and once we close convincingly above $10.75, our next target is the $11 - $11.20 area. Short and intermediate term indicators are still positive but the main trend is still down.
WHEAT: Wheat behaved as expected and had a nice rally after the USDA report. Our target of $4.40 was finally met and from this level we could expect another pullback to work on our inverted head and shoulders formation before heading high to our next target of $4.50 and a challenge to our intermediate trend line. According to the charts we may see this attempt in the coming weeks. The completion of our inverted pattern suggests we may see the lead month contract price as high as $4.80 which would not only complete the pattern, but challenge our intermediate downtrend. Our red buy signal from Christmas is still intact. CBOT March wheat initial support is still seen at the $4.20 level while overhead resistance is still at the $4.40 - $4.45 level. Both short and intermediate term indicators are still positive, but the primary trend is still down.
CROP CASH PRICES as of close on February 9, 2017
SWW @ $194.70 ($5.30/bu), HRW @ $194.70/MT ($5.30/bu),
HRS @ $224.61/MT ($6.11/bu), SRW @ $194.70/MT ($5.30/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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Grain Farmers of Ontario
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