[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Nov 23 13:52:37 EST 2017
Note: U.S. markets were closed Thursday for the American Thanksgiving.
We're sending a report today because there are a few, minor basis changes, mostly for soybeans.
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, November 23
(All Bases in CAD)
Exchange rate was 1.2708 up 0.0012
U.S. markets were closed for the American Thanksgiving.
On Wed, Nov. 22:
Chicago corn closed slightly higher.
DEC17 HI 3.47 DEC18 HI 3.89 3/4
LOW 3.44 LOW 3.87
CLOSE3.45 1/4 Up 1/4 CLOSE 3.89 Up 1
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +MAR18+MAR18+MAR18
CK Low 0.70 4.15 163.48 0.70 4.59 180.70
CK High 0.75 4.20 165.45 0.75 4.64 182.67
CK Avg 0.71 -0.18 4.16 163.80 0.73 -0.25 4.62 181.68
Essex Cty 0.70 4.15 163.48 0.70 4.59 180.70
Mdsx Low 0.70 4.15 163.48 0.75 4.64 182.67
Mdsx High 0.75 4.20 165.45 0.75 4.64 182.67
Mdsx Avg 0.73 -0.17 4.18 164.46 0.75 -0.23 4.64 182.67
Hensall 0.75 4.20 165.45 0.75 4.64 182.67
Bruce 0.75 4.20 165.45 0.75 4.64 182.67
Putnam 0.70 4.15 163.48 0.75 4.64 182.67
Burford 0.75 4.20 165.45 0.75 4.64 182.67
Port Perry 0.75 4.20 165.45 0.75 4.64 182.67
Norfolk 0.70 4.15 163.48 0.70 4.59 180.70
Palmerston 0.75 4.20 165.45 0.70 4.59 180.70
Varna 0.75 4.20 165.45 0.75 4.64 182.67
Trenton 0.75 4.20 165.45 0.85 4.74 186.61
Winchester 1.25 4.70 185.13 0.90 4.79 188.57
North Gower 1.15 4.60 181.19 0.85 4.74 186.61
Huron FOB 0.77 4.22 166.23 0.80 4.69 184.64
Kent FOB 0.75 4.20 165.45 0.70 4.59 180.70
Lamb FOB 0.70 4.15 163.48 0.65 4.54 178.73
Mdsx FOB 0.70 0.75 0.70 0.75 4.15 163.48 0.75 4.64 182.67
FOB SW Que 1.10 4.55 179.22N/A
Track 1.10 4.55 179.22N/A
PROCESSORS
Chat-Eth N/A N/A 0.95 1.00 0.85 4.74 186.61
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A 0.95 0.95 0.95 0.85 4.74 186.61
Sarn-Eth 0.90 0.95 0.90N/A 4.35 171.35N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A N/A N/A 0.90 4.79 188.57
Pt.Colb-Ing N/A N/A N/A N/A N/A
Cardnl-Ing N/A N/A 1.35 1.40 1.05 4.94 194.48
W O Feed 1.22 4.67 184.03
US Rep 1.22 4.67 183.95
Toledo El. -0.09 3.36 132.42 -0.25 3.64 143.16
MID SD CRN 0.72 1/2 4.17 3/4
HI SD CRN 0.75 4.20 1/4
*Wet Bid
Exchange rate was 1.2708 up 0.0012
Chicago soybeans closed slightly higher.
JAN18 HI 9.99 1/2 NOV18 HI 10.09 1/2
LOW 9.87 1/2 LOW 9.99 1/4
CLOSE9.97 1/4 Up 8 1/4 CLOSE 10.07 Up 6
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +JAN1+JAN1+MAR18
CK Low 1.90 11.87 436.241.95 12.02 441.66
CK High 2.00 11.97 439.912.05 12.12 445.33
CK Average 1.96 -0.5911.93 438.261.98 -0.5712.05 442.88
Essex Cty 1.90 11.87 436.241.90 11.97 439.82
Mdsx Low 1.93 11.90 437.341.98 12.05 442.76
Mdsx High 2.00 11.97 439.912.05 12.12 445.33
Mdsx Average 1.97 -0.5811.94 438.632.02 -0.5412.09 444.05
Hensall 2.00 11.97 439.912.05 12.12 445.33
Bruce 1.95 11.92 438.082.00 12.07 443.50
Putnam 2.05 12.02 441.752.10 12.17 447.17
Burford 2.00 11.97 439.912.05 12.12 445.33
Port Perry 1.90 11.87 436.241.95 12.02 441.66
Norfolk 1.95 11.92 438.082.02 12.09 444.23
Palmerston 1.95 11.92 438.082.00 12.07 443.50
Varna 2.00 11.97 439.912.05 12.12 445.33
Trenton 1.95 11.92 438.082.00 12.07 443.50
Winchester 2.02 11.99 440.652.00 12.07 443.50
North Gower 1.95 11.92 438.081.90 11.97 439.82
Huron FOB 2.10 12.07 443.592.15 12.22 449.01
Kent FOB 2.00 11.97 439.911.97 12.04 442.39
Lambton FOB 2.00 11.97 439.912.10 12.17 447.17
Middlesex FOB2.10 2.16 2.14 2.17 12.07 443.592.11 12.18 447.54
TRANSFER
Hamilton 2.40 12.37 454.61 N/A
Prescott 2.15 12.12 445.432.11 12.18 447.54
Toledo El. -0.38 9.59 352.42-0.38 9.69 356.03
Exchange rate was 1.2708 up 0.0012
Chicago wheat closed narrowly mixed.
DEC17 HI 4.26 1/4 JUL18 HI 4.71
LOW 4.20 3/4 LOW 4.64
CLOSE 4.22 3/4 Down 2 CLOSE 4.67 1/2 Up 1 1/4
Minni wheat closed slightly lower.
DEC17 HI 6.31 1/2 SEP18 HI 6.36 1/2
LOW 6.24 3/4 LOW 6.34
CLOSE 6.26 3/4 Down 1/4 CLOSE 6.34 1/4 Down 1
GFO Cash Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.76 1.02 0.89 0.55
CAD $/bu 4.99 5.25 5.12 6.82
CAD $/tonne 183.39 192.73 188.06 250.63
Direct MarkHarvest 2017 Harvest 2018
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 0.90 N/A N/A N/A 0.75 N/A
London 0.90 0.96 0.90 N/A 0.94 0.88 0.75 N/A
Hensall 0.90 N/A 0.90 N/A 0.95 N/A 0.75 N/A
Trenton N/A N/A N/A N/A N/A N/A 0.85 N/A
Bruce 0.90 0.90 0.90 0.25 0.95 0.75 0.75 0.35
Essex N/A N/A N/A N/A N/A N/A 0.72 N/A
Norwich 0.90 N/A 0.90 N/A 0.95 N/A 0.75 N/A
Port Hope N/A 1.00 0.90 N/A N/A 0.75 0.75 N/A
Kent Bridge 0.90 N/A 0.90 N/A 0.95 N/A 0.75 N/A
Chatham N/A N/A 0.90 N/A N/A N/A 0.75 N/A
Brigden N/A N/A 0.90 N/A N/A N/A 0.75 N/A
Palmerston N/A 0.60 0.85 0.25 N/A 0.65 0.75 0.35
Varna 1.20 0.90 0.90 N/A 0.95 0.75 0.75 N/A
Mitchell 0.90 0.90 0.90 N/A 0.95 0.75 0.75 N/A
Thornton N/A N/A N/A 0.07 N/A N/A N/A N/A
North Gower N/A 0.75 0.75 0.50 N/A 0.90 0.90 0.25
W O Feed 1.53
PROCESSORS
Toledo FM N/A N/A 1.56 N/A N/A N/A 1.25 N/A
Toledo El. 4.18US 5.31CA 4.53US 5.74CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 18 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.87 0.87 0.81 0.31
CAD $/bu 5.55 5.55 5.49 6.65
CAD $/tonne 203.90 203.90 201.57 244.33
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 478.85
DDG's FOB Srn & Aylm 155.00
---
Ontario Grain Market Commentary for Nov. 22, 2017
By Marty Hibbs, Grain Farmers of Ontario
Wednesday, November 22, 2017 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT Dec 3.45 ↑ 07 cents
Soybeans CBOT Jan 9.97 ↑ 22 cents
Wheat CBOT Dec 4.23 ↑ 03 cents
Wheat Minn. Dec 6.27 ↑ 02 cents
Wheat Kansas Dec 4.21 ↑ 03 cents
Chicago Oats Dec 2.51 ↓ 17 cents
Canadian $ Dec .7830 ↑ .10 points
Corn:
With the U.S. Thanskgiving long weekend we will have a short trading week, but I never under estimate the surprises on a long weekend - especially the Thanksgiving weekend. I’m not suggesting that something magical is going to happen, but for my 30 years as a broker, I have noticed that these long weekends can bring surprises, especially when they fall on the same weekend as the options expiry and the harvest is all but complete. Meanwhile, there is nothing much to report except we did challenge the September 15 lows at $3.35 this week and rebounded quite nicely.
Initial support is still seen at the $3.30 on the December contract, while overhead resistance is seen at $3.60.
Short term indicators are still negative, and the primary trend is still down.
Soybeans:
The January soybeans contract closed positive and oh so close to the $10 trend line. Like the other grains, we could see some surprises with the long weekend and the completion of the harvest. A close above $10.25 on the January contract could set us up for some good upside over the next couple of months. Until we see that, we will continue to probe the downside for a bottom.
Both short and medium term indicators are negative, and the primary trend is still down.
Wheat:
Wheat has been very comfortable in this $4.20 range and as long as the December support holds at or above $4.15 on the close, I feel we will soon see some upside. The indicators are showing oversold conditions and unless we stay in this area for the first notice day, which is November 1, we should see some upside in the coming weeks. The recent price action has channeled the futures price into a pennant formation which should break in one direction within the next week. Let’s hope that direction is up.
Solid support is seen at $4 on the December chart, while initial overhead resistance is viewed at $4.40.
Indicators are showing oversold conditions. Short term indicators are still negative and the primary trend is still down.
Cash Grain prices as of the close, November 22 , are as follows:
SWW @ $183.42/MT ($4.99/bu), HRW @ $192.75/MT ($5.25/bu),
HRS @ $250.63/MT ($6.82/bu), SRW @ $188.09/MT ($5.12/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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