[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu May 11 15:15:34 EDT 2017
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, May 11
(All Bases in CAD)
Exchange rate was 1.3687 up 0.0024
Chicago corn closed slightly lower.
JUL17 HI 3.73 3/4 DEC17 HI 3.91 1/2
LOW 3.68 3/4 LOW 3.86 3/4
CLOSE3.69 1/4 Down 4 1/2 CLOSE 3.87 1/4 Down 4 1/4
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +JUL17+SEP17+SEP17
CK Low 0.70 4.39 172.93 0.95 4.82 189.85
CK High 0.80 4.49 176.86 0.95 4.82 189.85
CK Avg 0.75 -0.45 4.44 174.89 0.95 -0.35 4.82 189.85
Essex Cty 0.50 4.19 165.05 0.95 4.82 189.85
Mdsx Low 0.75 4.44 174.89 0.95 4.82 189.85
Mdsx High 0.75 4.44 174.89 0.95 4.82 189.85
Mdsx Avg 0.75 -0.45 4.44 174.89 0.95 -0.35 4.82 189.85
Hensall 0.78 4.47 175.88 0.95 4.82 189.85
Bruce 0.80 4.49 176.86 1.00 4.87 191.82
Putnam 0.75 4.44 174.89 0.90 4.77 187.89
Burford 0.75 4.44 174.89 1.00 4.87 191.82
Port Perry 1.00 4.69 184.74 1.00 4.87 191.82
Norfolk 0.85 4.54 178.83 1.05 4.92 193.79
Palmerston 0.75 4.44 174.89 0.95 4.82 189.85
Varna 0.80 4.49 176.86 0.95 4.82 189.85
Trenton 1.15 4.84 190.64 1.00 4.87 191.82
Winchester 1.16 4.85 191.03 1.16 5.03 198.12
North Gower 1.17 4.86 191.43 1.05 4.92 193.79
Huron FOB 1.15 4.84 190.64 1.00 4.87 191.82
Kent FOB 1.05 4.74 186.70 1.00 4.87 191.82
Lamb FOB 1.05 4.74 186.70 0.90 4.77 187.89
Mdsx FOB 1.00 1.00 1.00N/A 4.69 184.74 0.95 4.82 189.85
FOB SW Que 1.45 5.14 202.45N/A
Track 1.27 4.96 195.17N/A
PROCESSORS
Chat-Eth N/A N/A N/A 1.30 1.06 4.93 194.18
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A N/A 1.40 1.10 4.97 195.76
Sarn-Eth 1.25 1.25 1.25 1.30 4.94 194.58N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A N/A 1.40 1.20 5.07 199.70
Pt.Colb-Ing N/A N/A N/A N/A 1.20 5.07 199.70
Cardnl-Ing N/A N/A N/A 1.60 1.36 5.23 205.99
W O Feed 1.50 5.19 204.42
US Rep 1.78 5.47 215.44
Toledo El. -0.16 3.53 138.90 -0.34 3.53 138.98
TRANSFER
Sarnia 0.65 4.34 170.96 0.90 4.77187 8/9
MID SD CRN 0.95 4.82 1/4
HI SD CRN 0.95 4.82 1/4
*Wet Bid
Exchange rate was 1.3687 up 0.0024
Chicago soybeans closed slightly lower.
JUL17 HI 9.75 3/4 NOV17 HI 9.71 1/2
LOW 9.63 LOW 9.60 3/4
CLOSE9.66 1/4 Down 4 CLOSE 9.64 Down 2 3/4
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +JUL1+JUL1+NOV17
CK Low 2.90 12.56 461.592.60 12.24 449.74
CK High 2.95 12.61 463.432.66 12.30 451.95
CK Average 2.92 -0.4712.58 462.332.64 -0.6712.28 451.03
Essex Cty 2.95 12.61 463.432.60 12.24 449.74
Mdsx Low 2.92 12.58 462.332.63 12.27 450.85
Mdsx High 3.00 12.66 465.272.70 12.34 453.42
Mdsx Average 2.96 -0.4412.62 463.802.67 -0.6512.31 452.13
Hensall 3.00 12.66 465.272.70 12.34 453.42
Bruce 3.00 12.66 465.272.70 12.34 453.42
Putnam 2.70 12.36 454.242.60 12.24 449.74
Burford 3.01 12.67 465.632.73 12.37 454.52
Port Perry 2.92 12.58 462.332.63 12.27 450.85
Norfolk 2.95 12.61 463.432.65 12.29 451.58
Palmerston 2.95 12.61 463.432.65 12.29 451.58
Varna 3.00 12.66 465.272.70 12.34 453.42
Trenton 2.90 12.56 461.592.70 12.34 453.42
Winchester 2.90 12.56 461.592.80 12.44 457.09
North Gower 2.67 12.33 453.142.84 12.48 458.56
Huron FOB 3.15 12.81 470.782.80 12.44 457.09
Kent FOB 3.05 12.71 467.102.60 12.24 449.74
Lambton FOB 3.05 12.71 467.102.80 12.44 457.09
Middlesex FOB3.09 3.09 N/A N/A 12.75 468.572.84 12.48 458.56
PROCESSORS
Hamilton 3.50 3.35 3.35 N/A 13.16 483.643.25 12.89 473.63
N/A N/A N/A
TRANSFER
Prescott 3.07 12.73 467.843.18 12.82 471.05
Sarnia 2.75 12.41 456.082.98 12.62 463.71
Toledo El. -0.31 9.35 343.47-0.57 9.07 333.09
Exchange rate was 1.3687 up 0.0024
Chicago wheat closed slightly higher.
JUL17 HI 4.35 1/2 JUL17 HI 4.35 1/2
LOW 4.28 1/2 LOW 4.28 1/2
CLOSE 4.33 3/4 Up 2 CLOSE 4.33 3/4 Up 2
Minni wheat closed slightly higher.
JUL17 HI 5.50 3/4 SEP17 HI 5.57 1/2
LOW 5.45 1/2 LOW 5.52 1/4
CLOSE 5.48 1/4 Up 3 1/4 CLOSE 5.55 1/2 Up 3 1/2
GFO Cash Wheat Prices - DEL Terminal
Harvest 16 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.64 0.64 0.64 0.31
CAD $/bu 4.98 4.98 4.98 5.79
CAD $/tonne 182.94 182.94 182.94 212.86
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 0.95 N/A
London 0.85 0.85 0.78 N/A 0.99 0.85 0.85 N/A
Hensall 0.90 N/A 0.80 N/A 1.10 N/A 0.95 N/A
Trenton N/A N/A N/A N/A N/A N/A 1.05 N/A
Bruce 0.90 0.50 0.80 0.30 1.10 0.85 0.95 0.60
Essex N/A N/A 0.61 N/A N/A N/A 0.70 N/A
Norwich 0.90 N/A 0.80 N/A 1.10 N/A 0.95 N/A
Port Hope N/A N/A 0.85 N/A N/A 0.95 1.05 N/A
Kent Bridge 0.90 N/A 0.80 N/A 1.10 N/A 0.95 N/A
Chatham N/A N/A 0.80 N/A N/A N/A 0.90 N/A
Brigden N/A N/A 0.80 N/A N/A N/A 0.90 N/A
Palmerston N/A 0.50 0.70 0.30 N/A 0.85 0.90 0.65
Varna 0.90 0.85 0.80 N/A 1.30 0.95 1.00 N/A
Mitchell 0.90 0.80 0.80 N/A 1.10 0.95 0.95 N/A
Thornton N/A N/A N/A 0.40 N/A N/A N/A N/A
North Gower N/A 0.53 0.53 0.09 N/A 1.21 1.21 0.49
W O Feed 1.51
TERMINAL
Sarnia 1.12 N/A 1.17 N/A 1.36 N/A 1.26 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 1.46N/A N/A N/A 1.53N/A
Toledo El. 4.19US 5.73CA 4.19US 5.73CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.19 1.19 1.19 0.61
CAD $/bu 5.53 5.53 5.53 6.17
CAD $/tonne 203.06 203.06 203.06 226.57
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 460.66
DDG's FOB Srn & Aylm 175.00 - 180.00
----
Ontario Grain Market Commentary for May 10, 2017
By Marty Hibbs, Grain Farmers of Ontario
Wednesday, May 10, 2017 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT July 3.74 ↓ 01 cents
Soybeans CBOT July 9.70 ↓ 05 cents
Wheat CBOT July 4.32 ↓ 22 cents
Wheat Minn. July 5.45 ↓ 16 cents
Wheat Kansas July 4.39 ↓ 23 cents
Chicago Oats July 2.44 ↑ 04 cents
Canadian $ June .7325 ↑ 0.35 points
Corn: The May 10 World Agricultural Supply and Demand Estimates (WASDE) report was released at noon and the highlights included a U.S. carryout of 2.295 billion bushels (bb) of corn versus an average guess of 2.326 bb for the 2016/17 crop year. Global supplies showed 223.9 million tonnes (mt) versus an average guess of 223.3 mt for the same period. In both cases this was interpreted as mildly bullish as the futures closed out the session at $3.74 on the July contract.
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: The May 10 WASDE report highlights for soybeans included carryout numbers for both the U.S. and Global markets for the 2016/17 crop year. Soybeans showed higher than expected carryout for the U.S. crop with .435 bb versus an average guess of .438 bb. Global numbers, however, showed 90.1 mt carryout versus an average guess of 87.5 mt on hand. These numbers were construed as neutral to mildly bearish as the nearby futures months were pressured with the July contract closing down four cents per bushel at $9.70. The July contract has support at the $9.40 level for the time being. Overhead resistance is seen at the $10 mark on both the July and November contracts.
Short term indicators are all negative and the main trend is still down.
WHEAT: Wheat numbers from the May 10 USDA report were supportive as the carryout for the 2016/17 season were 1.159 bb versus an average guess of 1.162 bb. Our pullback to the $4.30 level looks like it has been completed. According to the charts, we should see a slow yet progressive move higher over the coming weeks. Our red signal is still intact and as long as it stays red we should expect firmer prices. We will be looking for other signals in the coming weeks for more clues of a possible confirmation of a bottom. Support on the July contract is seen at $4.15 and again closer to the $4 mark. Our overhead resistance is at $4.60 - $4.80 also on the July contract while our major overhead trend line runs across the monthly chart around $5.00.
Meanwhile, short term indicators are now positive but the primary trend is still down.
Harvest 2017 prices as of the close, May 10 are as follows:
SWW @ $201.65/MT ($5.49/bu), HRW @ $201.65/MT ($5.49/bu),
HRS @ $224.22/MT ($6.10/bu), SRW @ $201.65/MT ($5.49/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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