[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Mar 9 15:38:38 EST 2017
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, March 9
(All Bases in CAD)
Bank of Canada Noon exchange rate was 1.3505 up 0.0024
Chicago corn closed slightly lower.
MAY17 HI 3.74 DEC17 HI 3.94
LOW 3.66 LOW 3.87 1/2
CLOSE3.67 Down 5 1/4 CLOSE 3.88 1/4 Down 4 1/2
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 4.27 168.10 0.75 4.63 182.37
CK High 0.70 4.37 172.04 0.80 4.68 184.34
CK Avg 0.68 -0.44 4.35 171.38 0.79 -0.42 4.67 184.01
Essex Cty 0.50 4.17 164.17 0.75 4.63 182.37
Mdsx Low 0.70 4.37 172.04 0.80 4.68 184.34
Mdsx High 0.70 4.37 172.04 0.85 4.73 186.31
Mdsx Avg 0.70 -0.43 4.37 172.04 0.83 -0.39 4.71 185.33
Hensall 0.70 4.37 172.04 0.85 4.73 186.31
Bruce 0.70 4.37 172.04 0.80 4.68 184.34
Putnam 0.65 4.32 170.07 0.80 4.68 184.34
Burford 0.70 4.37 172.04 0.80 4.68 184.34
Port Perry 1.00 4.67 183.85 0.85 4.73 186.31
Norfolk 0.80 4.47 175.98 0.90 4.78 188.28
Palmerston 0.75 4.42 174.01 0.80 4.68 184.34
Varna 0.70 4.37 172.04 0.85 4.73 186.31
Trenton 1.00 4.67 183.85 0.90 4.78 188.28
Winchester 1.13 4.80 188.97 1.06 4.94 194.58
North Gower 1.15 4.82 189.76 1.00 4.88 192.22
Huron FOB 1.03 4.70 185.03 0.85 4.73 186.31
Kent FOB 0.95 4.62 181.88 0.80 4.68 184.34
Lamb FOB 1.00 4.67 183.85 0.80 4.68 184.34
Mdsx FOB 0.90 0.90 0.95N/A 4.57 179.91 0.80 4.68 184.34
FOB SW Que 1.22 4.89 192.51N/A
Track 1.23 4.90 192.71N/A
PROCESSORS
Chat-Eth 1.15 1.20 1.20 1.23 4.82 189.76 1.00 4.88 192.22
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A N/A 1.15 1.00 4.88 192.22
Sarn-Eth 1.15 1.15 1.20 1.25 4.82 189.76N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A N/A N/A 1.03 4.91 193.40
Pt.Colb-Ing N/A N/A N/A N/A N/A
Cardnl-Ing N/A N/A 1.45N/A 1.13 5.01 197.33
W O Feed 1.39 5.06 199.36
US Rep 1.69 5.36 211.01
Toledo El. -0.15 3.52 138.64 -0.34 3.55 139.56
TRANSFER
Sarnia 1.05 4.72 185.82 0.95 4.83190 1/4
MID SD CRN 0.65 1 4.32
HI SD CRN 0.70 4.37
*Wet Bid
Bank of Canada Noon exchange rate was 1.3505 up 0.0024
Chicago soybeans closed slightly lower.
MAY17 HI 10.22 3/4 NOV17 HI 10.11 1/2
LOW 10.06 1/4 LOW 9.98 1/2
CLOSE10.11 Down 10 3/4 CLOSE 10.04 1/2 Down 5 3/4
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +MAY1+MAY1+JUL17
CK Low 2.80 12.91 474.362.65 12.70 466.46
CK High 2.85 12.96 476.202.75 12.80 470.14
CK Average 2.83 -0.5312.94 475.342.71 -0.5912.76 468.67
Essex Cty 2.80 12.91 474.362.75 12.80 470.14
Mdsx Low 2.83 12.94 475.462.71 12.76 468.67
Mdsx High 2.90 13.01 478.042.75 12.80 470.14
Mdsx Average 2.87 -0.5012.98 476.752.73 -0.5812.78 469.40
Hensall 2.88 12.99 477.122.75 12.80 470.14
Bruce 2.90 13.01 478.042.75 12.80 470.14
Putnam 2.85 12.96 476.202.70 12.75 468.30
Burford 2.92 13.03 478.772.80 12.85 471.97
Port Perry 2.83 12.94 475.462.71 12.76 468.67
Norfolk 2.88 12.99 477.302.83 12.88 473.08
Palmerston 2.85 12.96 476.202.80 12.85 471.97
Varna 2.85 12.96 476.202.75 12.80 470.14
Trenton 2.80 12.91 474.362.70 12.75 468.30
Winchester 2.86 12.97 476.572.92 12.97 476.38
North Gower 2.72 12.83 471.422.92 12.97 476.38
Huron FOB 3.00 13.11 481.712.85 12.90 473.81
Kent FOB 2.93 13.04 479.142.68 12.73 467.56
Lambton FOB 2.85 12.96 476.202.85 12.90 473.81
Middlesex FOB2.94 3.01 3.06 N/A 13.05 479.512.92 12.97 476.38
PROCESSORS
Hamilton 3.30 3.35 3.42 N/A 13.41 492.733.20 13.25 486.67
N/A N/A N/A
TRANSFER
Prescott 3.03 13.14 482.813.16 13.21 485.20
Sarnia 2.83 12.94 475.463.10 13.15 483.00
Toledo El. -0.43 9.68 355.61-0.53 9.52 349.75
Bank of Canada Noon exchange rate was 1.3505 up 0.0024
Chicago wheat closed slightly lower.
MAY17 HI 4.50 3/4 JUL17 HI 4.66 1/4
LOW 4.42 1/4 LOW 4.57 3/4
CLOSE 4.44 Down 3 CLOSE 4.59 3/4 Down 3
Minni wheat closed slightly higher.
MAY17 HI 5.42 1/2 SEP17 HI 5.56
LOW 5.35 3/4 LOW 5.51 1/4
CLOSE 5.38 3/4 Up 4 1/4 CLOSE 5.52 3/4 Up 2 1/2
GFO Cash Wheat Prices - DEL Terminal
Harvest 16 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.81 0.81 0.81 0.40
CAD $/bu 5.25 5.25 5.25 5.79
CAD $/tonne 192.92 192.92 192.92 212.63
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 0.65 N/A N/A N/A 0.70 N/A
London 0.83 0.76 0.70 N/A 0.95 0.75 0.75 N/A
Hensall 0.75 N/A 0.65 N/A 0.85 N/A 0.70 N/A
Trenton N/A N/A N/A N/A N/A N/A 0.85 N/A
Bruce 0.75 0.70 0.65 0.40 0.85 0.65 0.70 0.60
Essex N/A N/A 0.65 N/A N/A N/A 0.77 N/A
Norwich 0.75 N/A 0.65 N/A 0.85 N/A 0.70 N/A
Port Hope N/A N/A 0.65 N/A N/A 0.70 0.75 N/A
Kent Bridge 0.75 N/A 0.65 N/A 0.85 N/A 0.70 N/A
Chatham N/A N/A 0.70 N/A N/A N/A 0.75 N/A
Brigden N/A N/A 0.70 N/A N/A N/A 0.75 N/A
Palmerston N/A 0.70 0.55 N/A N/A 0.65 0.60 0.60
Varna 0.80 0.70 0.70 N/A 1.05 0.75 0.75 N/A
Mitchell 0.75 0.65 0.65 N/A 0.85 0.70 0.70 N/A
Thornton N/A N/A N/A 0.56 N/A N/A N/A N/A
North Gower N/A 0.71 0.71 0.17 N/A 1.25 1.25 0.73
W O Feed 1.44
TERMINAL
Sarnia N/A N/A 0.96 N/A N/A N/A 1.06 N/A
Prescott N/A N/A N/A N/A N/A N/A 1.14 N/A
PROCESSORS
Toledo FM N/A N/A 1.55N/A N/A N/A 1.61N/A
Toledo El. 4.24US 5.72CA 4.45US 6.00CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.20 1.20 1.20 0.85
CAD $/bu 5.80 5.80 5.80 6.38
CAD $/tonne 213.13 213.13 213.13 234.45
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 495.50
DDG's FOB Srn & Aylm 160.00 - 165.00
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Ontario Grain Market Commentary for March 9, 2017 by Marty Hibbs, Grain Farmers of Ontario
Thursday, March 9, 2017 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT May 3.67 ↓ 16 cents
Soybeans CBOT May 10.11 ↓ 39 cents
Wheat CBOT May 4.44 ↓ 13 cents
Wheat Minn. May 5.39 ↓ 21 cents
Wheat Kansas May 4.63 ↓ 14 cents
Chicago Oats May 2.40 ↓ 06 cents
Canadian $ June .7412 ↓ 0.75 points
CORN: The March 9 United States Department of Agriculture (USDA) report showed larger domestic and global ending corn stocks and confirmed large South American crops. 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. A pullback of a larger scale could see the May contract challenge the $3.40 and possibly even the $3.30 support levels. Overall, the charts look positive in the long run, but we have hit a wall for the short term and it will need work before we attempt another run at the $3.80 level.
Short term indicators are neutral, but the main trend is still down.
SOYBEANS: The USDA report pushed Brazil’s soybean crop to 108 mmt up four mmt from the previous month which was twice as much as the trade was expecting. Soybeans are about 12 cents lower after the report. The May contract is trading at $10.06 and it is important that we don’t break hard below the $10 mark and close there. On the other hand, the new crop soybean chart in November is looking much healthier and could actually be positive once we get through the old crop contracts. This could lead me to think there could be some surprises going into the new crop harvest prices.
Short term indicators have turned negative as indicated in last week’s commentary and the main trend is still down.
WHEAT: While still in a corrective mode but still looks more positive than its counter parts. The USDA showed U.S stock a bit smaller than expected, but that was offset by global stock being a bit larger. Prices are off about four cents near the close and we have support at the $4.30 - $4.40 level based on the May Chicago contract, while overhead resistance is still 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.
Harvest 2017 prices as of the close, March 9 are as follows:
SWW @ $213.22/MT ($5.80/bu), HRW @ $213.22/MT ($5.80/bu),
HRS @ $234.54/MT ($6.38/bu), SRW @ $213.22/MT ($5.80/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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This Farm Market News product is sponsored by:
Grain Farmers of Ontario
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