[Farmmarketnews] Wednesday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Wed Feb 22 15:45:58 EST 2017
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, February 22
(All Bases in CAD)
Bank of Canada Noon exchange rate was 1.3187 up 0.0038
Chicago corn closed slightly higher.
MAR17 HI 3.72 3/4 DEC17 HI 3.98 3/4
LOW 3.69 1/4 LOW 3.95 1/2
CLOSE3.71 Up 1 3/4 CLOSE 3.97 1/4 Up 1 1/2
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 4.36 171.65 0.75 4.72 185.92
CK High 0.72 4.43 174.40 0.80 4.77 187.89
CK Avg 0.67 -0.38 4.38 172.56 0.76 -0.37 4.73 186.24
Essex Cty 0.57 4.28 168.50 0.75 4.72 185.92
Mdsx Low 0.65 4.36 171.65 0.75 4.72 185.92
Mdsx High 0.65 4.36 171.65 0.75 4.72 185.92
Mdsx Avg 0.65 -0.40 4.36 171.65 0.75 -0.38 4.72 185.92
Hensall 0.68 4.39 172.63 0.78 4.75 186.90
Bruce 0.75 4.46 175.58 0.80 4.77 187.89
Putnam 0.65 4.36 171.65 0.80 4.77 187.89
Burford 0.65 4.36 171.65 0.75 4.72 185.92
Port Perry 1.00 4.71 185.42 0.80 4.77 187.89
Norfolk 0.82 4.53 178.34 0.85 4.82 189.85
Palmerston 0.75 4.46 175.58 0.80 4.77 187.89
Varna 0.70 4.41 173.61 0.80 4.77 187.89
Trenton 1.05 4.76 187.39 0.80 4.77 187.89
Winchester 1.14 4.85 190.94 1.13 5.10 200.88
North Gower 1.10 4.81 189.36 1.05 5.02 197.73
Huron FOB 1.05 4.76 187.39 0.85 4.82 189.85
Kent FOB 1.02 4.73 186.21 0.75 4.72 185.92
Lamb FOB 1.00 4.71 185.42 0.75 4.72 185.92
Mdsx FOB 0.85 0.90 0.90N/A 4.56 179.52 0.75 4.72 185.92
FOB SW Que 1.21 4.92 193.69N/A
Track 1.22 4.93 193.89N/A
PROCESSORS
Chat-Eth 1.10 1.10 1.10 1.15 4.81 189.36 0.95 4.92 193.79
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A N/A 1.20 0.95 4.92 193.79
Sarn-Eth 1.15 1.15 1.15 1.20 4.86 191.33N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A N/A N/A 1.03 5.00 196.94
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 5.10 200.88
W O Feed 1.42 5.13 202.04
US Rep 1.67 5.38 211.80
Toledo El. -0.05 3.66 143.98 -0.33 3.64 143.45
TRANSFER
Sarnia 1.05 4.76 187.39 0.95 4.92193 4/5
MID SD CRN 0.68 1/2 4.39 1/2
HI SD CRN 0.72 4.43
*Wet Bid
Bank of Canada Noon exchange rate was 1.3187 up 0.0038
Chicago soybeans closed narrowly mixed.
MAR17 HI 10.31 3/4 NOV17 HI 10.18 1/2
LOW 10.22 1/4 LOW 10.11 3/4
CLOSE10.22 3/4 Down 3 1/2 CLOSE 10.13 1/2 Down 1
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +MAR1+MAY1+MAY17
CK Low 2.55 12.78 469.492.43 12.57 461.68
CK High 2.62 12.85 472.062.45 12.59 462.42
CK Average 2.59 -0.4912.81 470.842.44 -0.5612.58 462.17
Essex Cty 2.55 12.78 469.492.45 12.59 462.42
Mdsx Low 2.62 12.85 472.062.41 12.55 460.95
Mdsx High 2.65 12.88 473.172.50 12.64 464.26
Mdsx Average 2.64 -0.4512.86 472.622.46 -0.5612.59 462.60
Hensall 2.65 12.88 473.172.50 12.64 464.26
Bruce 2.65 12.88 473.172.50 12.64 464.26
Putnam 2.65 12.88 473.172.45 12.59 462.42
Burford 2.71 12.94 475.372.50 12.64 464.26
Port Perry 2.62 12.85 472.062.41 12.55 460.95
Norfolk 2.65 12.88 473.172.58 12.72 467.20
Palmerston 2.55 12.78 469.492.50 12.64 464.26
Varna 2.65 12.88 473.172.50 12.64 464.26
Trenton 2.60 12.83 471.332.45 12.59 462.42
Winchester 2.64 12.87 472.802.73 12.87 472.71
North Gower 2.45 12.68 465.822.52 12.66 464.99
Huron FOB 2.75 12.98 476.842.60 12.74 467.93
Kent FOB 2.70 12.93 475.002.43 12.57 461.68
Lambton FOB 2.70 12.93 475.002.65 12.79 469.77
Middlesex FOB2.72 2.79 2.73 N/A 12.95 475.742.60 12.74 467.93
PROCESSORS
Hamilton 3.15 3.15 3.10 N/A 13.38 491.543.00 13.14 482.63
N/A N/A N/A
TRANSFER
Prescott 2.71 12.94 475.372.85 12.99 477.12
Sarnia 2.54 12.77 469.132.78 12.92 474.55
Toledo El. -0.38 9.85 361.78-0.51 9.62 353.56
Bank of Canada Noon exchange rate was 1.3187 up 0.0038
Chicago wheat closed slightly higher.
MAR17 HI 4.43 JUL17 HI 4.71 3/4
LOW 4.35 1/4 LOW 4.64 1/2
CLOSE 4.41 1/4 Up 5 1/4 CLOSE 4.69 3/4 Up 5 1/2
Minni wheat closed slightly higher.
MAR17 HI 5.46 SEP17 HI 5.64 3/4
LOW 5.39 3/4 LOW 5.62
CLOSE 5.42 3/4 Up 1 1/2 CLOSE 5.64 1/2 Up 3 1/4
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 0.40
CAD $/bu 5.28 5.28 5.28 5.83
CAD $/tonne 193.99 193.99 193.99 214.06
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 0.77 0.70 0.70 N/A
Hensall 0.75 N/A 0.70 N/A 0.80 N/A 0.60 N/A
Trenton N/A N/A N/A N/A N/A N/A 0.85 N/A
Bruce 0.75 0.70 0.70 0.40 0.80 0.65 0.60 0.60
Essex N/A N/A 0.51 N/A N/A N/A 0.50 N/A
Norwich 0.75 N/A 0.70 N/A 0.80 N/A 0.60 N/A
Port Hope N/A N/A 0.70 N/A N/A 0.65 0.70 N/A
Kent Bridge 0.75 N/A 0.70 N/A 0.80 N/A 0.60 N/A
Chatham N/A 0.65 0.70 N/A N/A N/A 0.60 N/A
Brigden N/A N/A 0.70 N/A N/A N/A 0.60 N/A
Palmerston N/A 0.70 0.70 0.40 N/A 0.65 0.60 0.60
Varna 0.75 0.70 0.70 N/A 0.95 0.65 0.65 N/A
Mitchell 0.75 0.70 0.70 N/A 0.80 0.60 0.60 N/A
Thornton N/A N/A N/A 0.46 N/A N/A N/A N/A
North Gower N/A 0.74 0.74 0.19 N/A 1.11 1.11 0.60
W O Feed 1.43
TERMINAL
Sarnia 1.14 0.79 0.94 N/A 1.11 0.76 0.88 N/A
Prescott N/A N/A 0.79 N/A N/A N/A 1.00 N/A
PROCESSORS
Toledo FM N/A N/A 1.53N/A N/A N/A 1.48N/A
Toledo El. 4.31US 5.67CA 4.50US 5.91CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.08 1.08 1.08 0.72
CAD $/bu 5.78 5.78 5.78 6.37
CAD $/tonne 212.37 212.37 212.37 233.98
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 496.05
DDG's FOB Srn & Aylm 155.00 - 160.00
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Ontario Grain Market Commentary for February 22, 2017, by Marty Hibbs, Grain Farmers of Ontario
Wednesday, February 22, 2017 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT Mar 3.70 ↓ 09 cents
Soybeans CBOT Mar 10.22 ↓ 38 cents
Wheat CBOT Mar 4.42 ↓ 12 cents
Wheat Minn. Mar 5.43 ↓ 25 cents
Wheat Kansas Mar 4.58 ↓ 11 cents
Chicago Oats Mar 2.53 ↑ 03 cents
Canadian $ Mar .7594 ↓ 0.50 points
CORN: Corn found our $3.80 resistance level to be exactly that, resistance. After reaching $3.80 on the nose, we ended that particular session with a short term reversal pattern on our day chart. We will have to wait and see how much of a pullback we encounter. Initial support is at the $3.60 level on March and we could see that challenged quite quickly as we approach the first notice day for the March contract on Tuesday, February 28. Overall the charts look positive in the long run but we have to expect pullbacks and it will take time to turn the trend positive. Our main downtrend line runs north of $4 on the lead month contract. Short term and weekly indicators are still positive, but the main trend is still down.
SOYBEANS: The trading range continues to narrow and soybeans will soon need to pick a direction. The pressure seems to favour a break below $10 but until we actually get the signal, we are only guessing. Currently, the range is between $10 and $11. Initial support is still at the $10 level on March, and strong overhead resistance is still around the $11 based on the lead month contract. We will be switching over to the May contract next week as the March contract will be transitioning to cash only. Indicators are mixed, but the main trend is still down.
WHEAT: Last week saw our resistance met with a reversal pattern on our day charts. After hitting $4.64 on the March contract we ended up negative on the day and completed our head and shoulders pattern. From here, we are now correcting, and I expect this could take the a couple of weeks before we even attempt another shot at the recent highs. We will be switching over to the May contract next week. Meanwhile, the good news is that the daily and weekly indicators are still positive suggesting that our Labour Day weekend is still looking like the bottom and our red buy signal from Christmas is still intact. Looking forward to next week we see initial support on the May contract at the $4.30 - $4.40 level while overhead resistance has now advanced to $4.80 also based on the May contract. Both short and intermediate term indicators are still positive, but the primary trend is still down.
CROP CASH PRICES as of close on February 22, 2017
SWW @ $193.98 ($5.28/bu), HRW @ $193.98/MT ($5.28/bu),
HRS @ $214.29/MT ($5.83/bu), SRW @ $193.98/MT ($5.28/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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