[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Jun 1 15:17:29 EDT 2017
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, June 1
(All Bases in CAD)
Exchange rate was 1.3516 up 0.0010
Chicago corn closed slightly lower.
JUL17 HI 3.73 3/4 DEC17 HI 3.92 1/2
LOW 3.67 1/2 LOW 3.86 1/4
CLOSE3.70 1/2 Down 1 1/2 CLOSE 3.89 1/4 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 +SEP17+SEP17+DEC17
CK Low 0.75 4.46 175.39 0.95 4.84 190.64
CK High 0.80 4.51 177.35 1.00 4.89 192.61
CK Avg 0.76 -0.40 4.46 175.71 0.96 -0.30 4.85 190.97
Essex Cty 0.60 4.31 169.48 1.00 4.89 192.61
Mdsx Low 0.75 4.46 175.39 0.95 4.84 190.64
Mdsx High 0.75 4.46 175.39 0.95 4.84 190.64
Mdsx Avg 0.75 -0.41 4.46 175.39 0.95 -0.31 4.84 190.64
Hensall 0.78 4.48 176.37 0.95 4.84 190.64
Bruce 0.75 4.46 175.39 1.00 4.89 192.61
Putnam 0.75 4.46 175.39 0.95 4.84 190.64
Burford 0.75 4.46 175.39 1.00 4.89 192.61
Port Perry 1.00 4.71 185.23 1.00 4.89 192.61
Norfolk 0.85 4.56 179.32 1.05 4.94 194.58
Palmerston 0.80 4.51 177.35 1.00 4.89 192.61
Varna N/A 0.95 4.84 190.64
Trenton 1.10 4.81 189.16 1.00 4.89 192.61
Winchester 1.20 4.91 193.10 1.20 5.09 200.48
North Gower 1.18 4.89 192.31 1.17 5.06 199.30
Huron FOB 1.12 4.83 189.95 1.00 4.89 192.61
Kent FOB 1.05 4.76 187.20 0.95 4.84 190.64
Lamb FOB 1.05 4.76 187.20 0.90 4.79 188.67
Mdsx FOB 1.05 1.05N/A N/A 4.76 187.20 1.00 4.89 192.61
FOB SW Que 1.35 5.06 199.01N/A
Track 1.28 4.98 196.05N/A
PROCESSORS
Chat-Eth N/A N/A N/A 1.35 1.15 5.04 198.51
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A 1.35 1.40 1.10 4.99 196.55
Sarn-Eth 1.25 1.30N/A N/A 4.96 195.07N/A
Kawartha N/A N/A N/A N/A 1.35 5.24 206.39
London-Ing N/A N/A 1.40 1.45 1.20 5.09 200.48
Pt.Colb-Ing N/A N/A N/A N/A 1.20 5.09 200.48
Cardnl-Ing N/A N/A 1.60 1.65 1.36 5.25 206.78
W O Feed 1.45 5.15 202.79
US Rep 1.71 5.42 213.18
Toledo El. -0.07 3.64 143.20 -0.34 3.55 139.94
TRANSFER
Sarnia N/A 0.95 4.84190 2/3
MID SD CRN 0.97 1/2 4.86 3/4
HI SD CRN 1.00 4.89 1/4
*Wet Bid
Exchange rate was 1.3516 up 0.0010
Chicago soybeans closed slightly lower.
JUL17 HI 9.20 3/4 NOV17 HI 9.23 3/4
LOW 9.11 1/2 LOW 9.16 1/2
CLOSE9.12 1/4 Down 3 3/4 CLOSE 9.17 3/4 Down 1/2
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +JUL1+NOV1+NOV17
CK Low 2.65 11.77 432.572.25 11.43 419.89
CK High 2.75 11.87 436.242.35 11.53 423.56
CK Average 2.68 -0.3911.81 433.792.32 -0.6711.50 422.40
Essex Cty 2.65 11.77 432.572.25 11.43 419.89
Mdsx Low 2.67 11.79 433.302.31 11.49 422.09
Mdsx High 2.75 11.87 436.242.40 11.58 425.40
Mdsx Average 2.71 -0.3711.83 434.772.36 -0.6511.53 423.75
Hensall 2.73 11.85 435.322.38 11.55 424.48
Bruce 2.75 11.87 436.242.40 11.58 425.40
Putnam 2.75 11.87 436.242.40 11.58 425.40
Burford 2.74 11.86 435.872.38 11.56 424.67
Port Perry 2.67 11.79 433.302.31 11.49 422.09
Norfolk 2.73 11.85 435.502.40 11.58 425.40
Palmerston 2.70 11.82 434.402.35 11.53 423.56
Varna 2.70 11.82 434.402.35 11.53 423.56
Trenton 2.70 11.82 434.402.40 11.58 425.40
Winchester 2.64 11.76 432.202.70 11.88 436.42
North Gower 2.49 11.61 426.692.69 11.87 436.06
Huron FOB 2.85 11.97 439.912.45 11.63 427.24
Kent FOB 2.83 11.95 439.182.35 11.53 423.56
Lambton FOB 2.80 11.92 438.082.55 11.73 430.91
Middlesex FOB2.90 2.90 N/A N/A 12.02 441.752.54 11.72 430.54
PROCESSORS
Hamilton 3.15 3.08 N/A N/A 12.27 450.942.88 12.06 443.04
N/A N/A N/A
TRANSFER
Prescott 2.65 11.77 432.572.79 11.97 439.73
Sarnia 2.39 11.51 423.012.67 11.85 435.32
Toledo El. -0.31 8.81 323.77-0.57 8.61 316.36
Exchange rate was 1.3516 up 0.0010
Chicago wheat closed slightly lower.
JUL17 HI 4.31 1/4 JUL17 HI 4.31 1/4
LOW 4.21 1/4 LOW 4.21 1/4
CLOSE 4.29 Down 1/4 CLOSE 4.29 Down 1/4
Minni wheat closed moderately higher.
JUL17 HI 5.79 1/2 SEP17 HI 5.83
LOW 5.71 1/2 LOW 5.76
CLOSE 5.78 3/4 Up 6 3/4 CLOSE 5.82 1/2 Up 6
GFO Cash Wheat Prices - DEL Terminal
Harvest 16 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.56 0.56 0.56 0.35
CAD $/bu 4.85 4.85 4.85 6.13
CAD $/tonne 178.29 178.29 178.29 225.35
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 0.80 N/A N/A N/A 0.90 N/A
London 0.83 0.76 0.76 N/A 1.03 0.90 0.86 N/A
Hensall 0.85 N/A 0.75 N/A 1.05 N/A 0.90 N/A
Trenton N/A N/A N/A N/A N/A N/A 1.00 N/A
Bruce 0.85 N/A 0.75 0.45 1.05 0.90 0.90 0.65
Essex N/A N/A 0.54 N/A N/A N/A 0.64 N/A
Norwich 0.85 N/A 0.75 N/A 1.05 N/A 0.90 N/A
Port Hope N/A N/A 0.85 N/A N/A 0.90 1.00 N/A
Kent Bridge 0.85 N/A 0.75 N/A 1.05 N/A 0.90 N/A
Chatham N/A N/A 0.80 N/A N/A N/A 0.85 N/A
Brigden N/A N/A 0.80 N/A N/A N/A 0.85 N/A
Palmerston N/A 0.75 0.75 0.45 N/A 0.90 0.90 0.65
Varna 0.90 0.85 0.80 N/A 1.15 0.85 0.85 N/A
Mitchell 0.85 0.75 0.75 N/A 1.05 0.90 0.90 N/A
Thornton N/A N/A N/A -0.06 N/A N/A N/A N/A
North Gower N/A 0.46 0.46 0.12 N/A 1.15 1.15 0.50
W O Feed 1.46
TERMINAL
Sarnia 1.17 N/A 1.07 N/A 1.28 N/A 1.18 N/A
Prescott N/A N/A N/A N/A N/A N/A N/A N/A
PROCESSORS
Toledo FM N/A N/A 1.37N/A N/A N/A 1.44N/A
Toledo El. 4.19US 5.66CA 4.19US 5.66CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.10 1.10 1.10 0.63
CAD $/bu 5.39 5.39 5.39 6.45
CAD $/tonne 198.16 198.16 198.16 237.14
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 446.99
DDG's FOB Srn & Aylm 175.00 - 180.00
-----
Ontario Grain Market Commentary for May 31, 2017
By Marty Hibbs, Grain Farmers of Ontario
Wednesday, May 31, 2017 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT July 3.71 ↑ 01 cents
Soybeans CBOT July 9.26 ↓ 22 cents
Wheat CBOT July 4.30 ↓ 02 cents
Wheat Minn. July 5.72 ↑ 11 cents
Wheat Kansas July 4.31 ↓ 01 cents
Chicago Oats July 2.48 ↑ 10 cents
Canadian $ June .7402 ↓ 0.45 points
Corn: With better than 90% of the U.S. crop planted, the first stage towards a 2017crop has been completed. Going forward, we will see if the weather cooperates with the outcome. The charts still show a sideways movement, but it has a positive undertone. We continue to trade between the $3.60 - $3.90 level as it has done since the summer of 2016. The main downtrend line on our weekly chart still sits at $4 while the good support is seen at $3.50. Support on the July contract is seen at $3.60 while overhead resistance is still at $3.80 with major resistance at the $4 mark.
Short term indicators are neutral, but the main trend is still down.
SOYBEANS: We finally broke the through the $9.40 support level on the lead month as we thought we might since receiving the red sell signal on May 19. It also came on the heels of the U.S. long weekend. The $9 price level on the July contract coincides with the low point from last July and the last line of support before a challenge to the $8.50 level may be initiated. If the $9 support fails to hold on the lead month contract, there is a very good chance that we will challenge the $8.50 price target coming into the early summer. This is according to what I see in the technical analysis. There is not much support below $9 according to the charts, until a test of the $8.50 bottom from the 2015 charts. Hopefully the $9 support level will hold.
Short term indicators are all negative and the main trend is still down.
WHEAT: We had a quiet week in the Chicago wheat markets the week of May 29, but the Minneapolis continued to build on its chart pattern and is becoming more bullish by the week. Spring wheat broke its downtrend line back in November and needs to break above the $6. level on the lead month contract to show its bullish side. A break above the $6.40 on the lead month contract could incite a trend reversal according to the weekly charts. Both Chicago and Minneapolis are looking very constructive for the next couple of months. We still anticipate a challenge of the $5 resistance level on the Chicago by early summer based on the formation that I see. Support on the July contract is seen at $4.15 and again closer to the $4 mark. Our overhead resistance is at $4.40 - $4.60, also on the July contract, while our major overhead trend line runs across the monthly chart around $5.
Meanwhile, short term indicators are still neutral, but the primary trend is down.
Harvest 2017 prices as of the close, May 31 are as follows:
SWW @ $198.22/MT ($5.39/bu), HRW @ $198.22/MT ($5.39/bu),
HRS @ $233.70/MT ($6.36/bu), SRW @ $198.22/MT ($5.39/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>
Click on this link: farmmarketnews-unsubscribe at list.gfo.ca to unsubscribe from this report.
This Farm Market News product is sponsored by:
Grain Farmers of Ontario
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