[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Mar 2 15:39:23 EST 2017
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, March 2
(All Bases in CAD)
Bank of Canada Noon exchange rate was 1.3384 up 0.0038
Chicago corn closed slightly lower.
MAY17 HI 3.82 1/4 DEC17 HI 4.01
LOW 3.76 3/4 LOW 3.96
CLOSE3.79 1/2 Down 2 1/2 CLOSE 3.98 1/2 Down 2 3/4
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +MAY17+JUL17+JUL17
CK Low 0.60 4.40 173.02 0.75 4.74 186.41
CK High 0.70 4.50 176.96 0.80 4.79 188.38
CK Avg 0.65 -0.48 4.45 174.99 0.79 -0.41 4.78 188.05
Essex Cty 0.50 4.30 169.09 0.75 4.74 186.41
Mdsx Low 0.65 4.45 174.99 0.80 4.79 188.38
Mdsx High 0.65 4.45 174.99 0.80 4.79 188.38
Mdsx Avg 0.65 -0.48 4.45 174.99 0.80 -0.41 4.79 188.38
Hensall 0.70 4.50 176.96 0.80 4.79 188.38
Bruce 0.70 4.50 176.96 0.80 4.79 188.38
Putnam 0.60 4.40 173.02 0.80 4.79 188.38
Burford 0.65 4.45 174.99 0.80 4.79 188.38
Port Perry 1.00 4.80 188.77 0.85 4.84 190.35
Norfolk 0.75 4.55 178.93 0.90 4.89 192.31
Palmerston 0.75 4.55 178.93 0.80 4.79 188.38
Varna 0.70 4.50 176.96 0.80 4.79 188.38
Trenton 1.00 4.80 188.77 0.80 4.79 188.38
Winchester 1.11 4.91 193.10 1.03 5.02 197.43
North Gower 1.12 4.92 193.49 1.00 4.99 196.25
Huron FOB 1.00 4.80 188.77 0.85 4.84 190.35
Kent FOB 0.95 4.75 186.80 0.80 4.79 188.38
Lamb FOB 1.00 4.80 188.77 0.80 4.79 188.38
Mdsx FOB 0.90 0.90 0.95N/A 4.70 184.83 0.80 4.79 188.38
FOB SW Que 1.15 4.95 194.68N/A
Track 1.23 5.02 197.63N/A
PROCESSORS
Chat-Eth 1.15 1.20 1.20 1.23 4.95 194.68 1.00 4.99 196.25
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A N/A 1.20 0.95 4.94 194.28
Sarn-Eth 1.15 1.15 1.20 1.25 4.95 194.68N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A N/A 1.25 1.03 5.02 197.43
Pt.Colb-Ing N/A N/A N/A N/A N/A
Cardnl-Ing N/A N/A 1.45N/A 1.13 5.12 201.37
W O Feed 1.39 5.19 204.28
US Rep 1.76 5.56 218.69
Toledo El. -0.15 3.65 143.60 -0.33 3.65 143.72
TRANSFER
Sarnia 1.05 4.85 190.74 0.95 4.94194 2/7
MID SD CRN 0.65 1 4.44 1/2
HI SD CRN 0.70 4.49 1/2
*Wet Bid
Bank of Canada Noon exchange rate was 1.3384 up 0.0038
Chicago soybeans closed slightly to moderately lower.
MAY17 HI 10.51 NOV17 HI 10.32
LOW 10.32 LOW 10.15
CLOSE10.37 1/4 Down 14 1/2 CLOSE 10.21 3/4 Down 10 1/2
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +MAY1+MAY1+JUL17
CK Low 2.60 12.97 476.662.55 12.77 469.13
CK High 2.71 13.08 480.702.65 12.87 472.80
CK Average 2.69 -0.6213.06 479.782.60 -0.6312.82 471.02
Essex Cty 2.60 12.97 476.662.55 12.77 469.13
Mdsx Low 2.71 13.08 480.702.59 12.81 470.60
Mdsx High 2.75 13.12 482.172.65 12.87 472.80
Mdsx Average 2.73 -0.5913.10 481.432.62 -0.6212.84 471.70
Hensall 2.73 13.10 481.252.65 12.87 472.80
Bruce 2.75 13.12 482.172.65 12.87 472.80
Putnam 2.60 12.97 476.662.50 12.72 467.29
Burford 2.80 13.17 484.012.68 12.90 473.90
Port Perry 2.71 13.08 480.702.59 12.81 470.60
Norfolk 2.75 13.12 482.172.80 13.02 478.31
Palmerston 2.65 13.02 478.492.60 12.82 470.96
Varna 2.70 13.07 480.332.65 12.87 472.80
Trenton 2.75 13.12 482.172.65 12.87 472.80
Winchester 2.82 13.19 484.742.85 13.07 480.15
North Gower 2.62 12.99 477.392.74 12.96 476.11
Huron FOB 2.80 13.17 484.012.75 12.97 476.47
Kent FOB 2.80 13.17 484.012.65 12.87 472.80
Lambton FOB 2.85 13.22 485.842.85 13.07 480.15
Middlesex FOB2.81 2.88 2.92 N/A 13.18 484.372.72 12.94 475.37
PROCESSORS
Hamilton 3.25 3.30 3.38 N/A 13.62 500.543.15 13.37 491.17
N/A N/A N/A
TRANSFER
Prescott 2.98 13.35 490.623.09 13.31 488.97
Sarnia 2.71 13.08 480.702.98 13.20 484.93
Toledo El. -0.48 9.89 363.41-0.52 9.70 356.26
Bank of Canada Noon exchange rate was 1.3384 up 0.0038
Chicago wheat closed slightly lower.
MAY17 HI 4.59 1/2 JUL17 HI 4.72 3/4
LOW 4.49 3/4 LOW 4.64 1/4
CLOSE 4.52 3/4 Down 4 1/4 CLOSE 4.67 Down 3 3/4
Minni wheat closed moderately lower.
MAY17 HI 5.60 3/4 SEP17 HI 5.71 1/4
LOW 5.52 1/4 LOW 5.63 1/2
CLOSE 5.53 Down 8 1/2 CLOSE 5.64 1/2 Down 7 1/4
GFO Cash Wheat Prices - DEL Terminal
Harvest 16 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.80 0.80 0.80 0.40
CAD $/bu 5.33 5.33 5.33 5.93
CAD $/tonne 195.71 195.71 195.71 217.98
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 0.60 N/A N/A N/A 0.60 N/A
London 0.79 0.73 0.68 N/A 0.90 0.77 0.77 N/A
Hensall 0.70 N/A 0.60 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 0.70 0.70 0.60 0.40 0.80 0.65 0.60 0.60
Essex N/A N/A 0.59 N/A N/A N/A 0.69 N/A
Norwich 0.70 N/A 0.60 N/A 0.80 N/A 0.60 N/A
Port Hope N/A N/A 0.65 N/A N/A 0.65 0.70 N/A
Kent Bridge 0.70 N/A 0.60 N/A 0.80 N/A 0.60 N/A
Chatham N/A N/A 0.65 N/A N/A N/A 0.70 N/A
Brigden N/A N/A 0.65 N/A N/A N/A 0.70 N/A
Palmerston N/A 0.70 0.55 N/A N/A 0.65 0.60 0.60
Varna 0.75 0.65 0.65 N/A 1.00 0.70 0.70 N/A
Mitchell 0.70 0.60 0.60 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 0.70 0.70 0.21 N/A 1.21 1.21 0.74
W O Feed 1.33
TERMINAL
Sarnia 1.05 N/A 0.80 N/A 1.10 0.75 1.04 N/A
Prescott N/A N/A N/A N/A N/A N/A 1.10 N/A
PROCESSORS
Toledo FM N/A N/A 1.54N/A N/A N/A 1.58N/A
Toledo El. 4.27US 5.71CA 4.52US 6.05CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.18 1.18 1.18 0.84
CAD $/bu 5.85 5.85 5.85 6.48
CAD $/tonne 214.78 214.78 214.78 238.13
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 503.54
DDG's FOB Srn & Aylm 155.00 - 160.00
----
Ontario Grain Market Commentary for March 1, 2017 by Marty Hibbs, Grain Farmers of Ontario
Wednesday, March 1, 2017 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT May 3.82 ↑ 04 cents
Soybeans CBOT May 10.52 ↑ 19 cents
Wheat CBOT May 4.57 ↑ 01 cents
Wheat Minn. May 5.61 ↑ 09 cents
Wheat Kansas May 4.77 ↑ 06 cents
Chicago Oats May 2.46 ↓ 06 cents
Canadian $ Mar .7494 ↓ 0.99 points
CORN: Last week’s commentary suggested we would need a couple of weeks before we revisit our recent highs of February 16th. Although the May contract closed out the session on March 1st eight cents higher than the previous day, the chart formation still suggests another week or two before those levels challenged again. Corn found our $3.80 overhead resistance level too much for this rally but should still get to see another attempt in the coming weeks. Initial support is at the $3.60 level on May while overhead resistance is seen at $3.80 - $3.85.
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 are still range-bound between $10 - $11. We managed to stay above the $10 level on the close last week but pressure seems to be pushing hard on the $10 support line as we have received a short term sell signal. The March contract is now tied to cash and we have switched over to May. Short term indicators have turned negative this week, and the main trend is still down.
WHEAT: Our reversal pattern worked as expected and we have completed a 50% pullback on the May wheat from the December 23 low and the more recent February 16 high. The pattern suggests more time before we challenge the February highs again, but unless we see prices close below the $4.40 based on the May contract, we could be ready for a challenge to the recent highs by mid-March. Looking ahead to next week, we see initial support on the May contract at the $4.40 level while overhead resistance is now at $4.65 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 March 1, 2017
SWW @ $197.07 ($5.36/bu), HRW @ $197.07 ($5.36/bu),
HRS @ $221.09/MT ($6.02/bu), SRW @ $197.07 ($5.36/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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