[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu May 25 15:14:21 EDT 2017
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, May 25
(All Bases in CAD)
Exchange rate was 1.3472 up 0.0053
Chicago corn closed slightly lower.
JUL17 HI 3.73 DEC17 HI 3.91 1/4
LOW 3.68 3/4 LOW 3.87
CLOSE3.69 1/4 Down 2 CLOSE 3.87 1/2 Down 2 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 0.85 4.73 186.02
CK High 0.80 4.49 176.86 0.95 4.83 189.95
CK Avg 0.75 -0.39 4.44 174.89 0.90 -0.33 4.78 187.98
Essex Cty 0.60 4.29 168.99 0.85 4.73 186.02
Mdsx Low 0.75 4.44 174.89 0.90 4.78 187.98
Mdsx High 0.75 4.44 174.89 0.90 4.78 187.98
Mdsx Avg 0.75 -0.39 4.44 174.89 0.90 -0.33 4.78 187.98
Hensall 0.78 4.47 175.88 0.93 4.80 188.97
Bruce 0.80 4.49 176.86 1.00 4.88 191.92
Putnam 0.75 4.44 174.89 0.95 4.83 189.95
Burford 0.75 4.44 174.89 0.95 4.83 189.95
Port Perry 1.00 4.69 184.74 0.95 4.83 189.95
Norfolk 0.85 4.54 178.83 1.00 4.88 191.92
Palmerston 0.75 4.44 174.89 0.85 4.73 186.02
Varna 0.80 4.49 176.86 0.95 4.83 189.95
Trenton 1.10 4.79 188.67 1.00 4.88 191.92
Winchester 1.16 4.85 191.03 1.14 5.02 197.43
North Gower 1.16 4.85 191.03 1.16 5.04 198.22
Huron FOB 1.15 4.84 190.64 1.00 4.88 191.92
Kent FOB 1.05 4.74 186.70 0.90 4.78 187.98
Lamb FOB 1.05 4.74 186.70 0.90 4.78 187.98
Mdsx FOB 1.00 1.00 1.00N/A 4.69 184.74 1.00 4.88 191.92
FOB SW Que 1.35 5.04 198.51N/A
Track 1.28 4.97 195.56N/A
PROCESSORS
Chat-Eth N/A N/A N/A N/A 1.25 5.13 201.76
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A N/A 1.35 1.10 4.98 195.86
Sarn-Eth 1.25 1.25 1.25 1.30 4.94 194.58N/A
Kawartha N/A N/A N/A N/A 1.35 5.23 205.70
London-Ing N/A N/A N/A 1.40 1.20 5.08 199.79
Pt.Colb-Ing N/A N/A N/A N/A 1.20 5.08 199.79
Cardnl-Ing N/A N/A N/A 1.60 1.36 5.24 206.09
W O Feed 1.45 5.14 202.29
US Rep 1.68 5.37 211.51
Toledo El. -0.09 3.60 141.65 -0.34 3.54 139.29
TRANSFER
Sarnia 1.20 4.89 192.61 0.95 4.83190
MID SD CRN 0.90 1 4.77 1/2
HI SD CRN 0.95 4.82 1/2
*Wet Bid
Exchange rate was 1.3472 up 0.0053
Chicago soybeans closed slightly lower.
JUL17 HI 9.52 1/4 NOV17 HI 9.50 3/4
LOW 9.38 1/4 LOW 9.38
CLOSE9.39 1/2 Down 8 3/4 CLOSE 9.39 1/4 Down 8 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 2.63 12.03 441.842.29 11.68 429.26
CK High 2.75 12.15 446.252.40 11.79 433.30
CK Average 2.68 -0.4312.07 443.622.35 -0.6811.74 431.40
Essex Cty 2.75 12.15 446.252.40 11.79 433.30
Mdsx Low 2.64 12.04 442.212.29 11.68 429.26
Mdsx High 2.70 12.10 444.422.40 11.79 433.30
Mdsx Average 2.67 -0.4412.07 443.312.35 -0.6811.74 431.28
Hensall 2.70 12.10 444.422.40 11.79 433.30
Bruce 2.75 12.15 446.252.45 11.84 435.14
Putnam 2.90 12.30 451.762.60 11.99 440.65
Burford 2.71 12.11 444.782.36 11.75 431.83
Port Perry 2.64 12.04 442.212.29 11.68 429.26
Norfolk 2.68 12.08 443.682.35 11.74 431.46
Palmerston 2.80 12.20 448.092.45 11.84 435.14
Varna 2.70 12.10 444.422.40 11.79 433.30
Trenton 2.70 12.10 444.422.45 11.84 435.14
Winchester 2.67 12.07 443.312.80 12.19 448.00
North Gower 2.51 11.91 437.432.57 11.96 439.55
Huron FOB 2.85 12.25 449.932.50 11.89 436.97
Kent FOB 2.78 12.18 447.352.30 11.69 429.63
Lambton FOB 2.85 12.25 449.932.65 12.04 442.49
Middlesex FOB2.81 2.81 N/A N/A 12.21 448.462.50 11.89 436.97
PROCESSORS
Hamilton 3.18 3.18 3.10 N/A 12.58 462.052.86 12.25 450.20
N/A N/A N/A
TRANSFER
Prescott 2.74 12.14 445.882.85 12.24 449.83
Sarnia 2.52 11.92 437.802.76 12.15 446.53
Toledo El. -0.31 9.09 333.82-0.57 8.83 324.33
Exchange rate was 1.3472 up 0.0053
Chicago wheat closed slightly lower.
JUL17 HI 4.36 JUL17 HI 4.36
LOW 4.30 1/4 LOW 4.30 1/4
CLOSE 4.30 3/4 Down 1 3/4 CLOSE 4.30 3/4 Down 1 3/4
Minni wheat closed slightly higher.
JUL17 HI 5.65 3/4 SEP17 HI 5.71 1/2
LOW 5.60 LOW 5.66
CLOSE 5.62 1/4 Up 1 1/4 CLOSE 5.67 3/4 Up 1
GFO Cash Wheat Prices - DEL Terminal
Harvest 16 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.55 0.55 0.55 0.27
CAD $/bu 4.86 4.86 4.86 5.89
CAD $/tonne 178.57 178.57 178.57 216.44
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 0.75 N/A N/A N/A 0.90 N/A
London 0.82 0.75 0.75 N/A 1.02 0.88 0.84 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 1.05 N/A
Bruce 0.85 0.50 0.75 0.30 1.05 0.85 0.90 0.65
Essex N/A N/A 0.54 N/A N/A N/A 0.63 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 0.70 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 0.11 N/A N/A N/A N/A
North Gower N/A 0.44 0.44 0.04 N/A 1.12 1.12 0.43
W O Feed 1.45
TERMINAL
Sarnia 1.12 N/A 1.10 N/A 1.26 N/A 1.16 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 1.36N/A N/A N/A 1.43N/A
Toledo El. 4.16US 5.60CA 4.16US 5.60CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.09 1.09 1.09 0.56
CAD $/bu 5.40 5.40 5.40 6.23
CAD $/tonne 198.37 198.37 198.37 229.06
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 449.42
DDG's FOB Srn & Aylm 175.00 - 180.00
----
Ontario Grain Market Commentary for May 24, 2017
By Marty Hibbs, Grain Farmers of Ontario
Wednesday, May 24, 2017 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT July 3.71 ↓ 01 cents
Soybeans CBOT July 9.48 ↓ 18 cents
Wheat CBOT July 4.32 ↑ 05 cents
Wheat Minn. July 5.61 ↑ 20 cents
Wheat Kansas July 4.33 ↑ 07 cents
Chicago Oats July 2.38 ↑ 05 cents
Canadian $ June .7450 ↑ 1.15 points
Corn: Sideways action has become the norm for the past year as the futures continue to trade between the $3.60 - $3.90-level as it has done since the summer of 2016. The main downtrend line still sits at $4 while the major support is seen at $3. Not exactly a promising long range outlook with regard to direction. Without sounding repetitious, we are currently locked into a $3.60 - $3.80 trading zone on the forward contracts and until we close above or below this area, we will probably continue to track sideways. 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: Soybeans continue to trade in the $9.25 - $10 range and there is little fresh news. We did receive a red sell signal last week, as the indicators continue to show downward pressure on the July contract. For the time being, the new crop November chart is not quite as negative in appearance. Support is still seen at the $9.25 level. A close below these levels could suggest a move down to the $8.50 bottom established back in 2015.
Short term indicators are all negative and the main trend is still down.
WHEAT: The charts on the wheat contracts, both Chicago and Minneapolis, are looking very constructive for the next couple of months. Based on the formation that I see, we are in an expanding wave that suggests a move higher during the month of June and possibly into harvest. Unseasonable weather could also still play a role in the futures price.
The short dated options expire Friday, May 26 and it is a long weekend in the U.S. This alone is enough to expect something unexpected in the price going into the week of May 29. 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 17 are as follows:
SWW @ $198.77/MT ($5.41/bu), HRW @ $198.77/MT ($5.41/bu),
HRS @ $227.86/MT ($6.20/bu), SRW @ $198.77/MT ($5.41/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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