[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Oct 19 15:12:26 EDT 2017
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, October 19
(All Bases in CAD)
Exchange rate was 1.2482 up 0.0014
Chicago corn closed slightly higher.
DEC17 HI 3.51 1/2 DEC18 HI 3.96
LOW 3.48 1/2 LOW 3.93 1/2
CLOSE3.49 Up 1/2 CLOSE 3.94 1/2 Up 1
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +DEC17+MAR18+MAR18
CK Low 0.65 4.14 162.98 0.50 4.45 174.99
CK High 0.70 4.19 164.95 0.65 4.60 180.90
CK Avg 0.66 -0.17 4.15 163.31 0.61 -0.29 4.55 179.26
Essex Cty 0.65 4.14 162.98 0.50 4.45 174.99
Mdsx Low 0.65 4.14 162.98 0.60 4.55 178.93
Mdsx High 0.65 4.14 162.98 0.65 4.60 180.90
Mdsx Avg 0.65 -0.17 4.14 162.98 0.63 -0.28 4.57 179.91
Hensall 0.65 4.14 162.98 0.68 4.62 181.88
Bruce 0.65 4.14 162.98 0.65 4.60 180.90
Putnam 0.65 4.14 162.98 0.55 4.50 176.96
Burford 0.75 4.24 166.92 0.65 4.60 180.90
Port Perry 0.75 4.24 166.92 0.65 4.60 180.90
Norfolk 0.75 4.24 166.92 0.65 4.60 180.90
Palmerston 0.65 4.14 162.98 0.50 4.45 174.99
Varna 0.65 4.14 162.98 0.70 4.65 182.87
Trenton 0.75 4.24 166.92 0.75 4.70 184.83
Winchester 1.20 4.69 184.64 0.80 4.75 186.80
North Gower 1.10 4.59 180.70 0.80 4.75 186.80
Huron FOB 0.72 4.21 165.74 0.77 4.72 185.62
Kent FOB 0.70 4.19 164.95 0.65 4.60 180.90
Lamb FOB 0.70 4.19 164.95 0.55 4.50 176.96
Mdsx FOB 0.70 0.70 0.75 0.75 4.19 164.95 0.60 4.55 178.93
FOB SW Que 1.32 4.81 189.36N/A
Track 1.13 4.62 181.68N/A
PROCESSORS
Chat-Eth N/A N/A 0.92 0.92 0.75 4.70 184.83
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A 0.90 0.90 0.75 4.70 184.83
Sarn-Eth N/A 0.90 0.95 0.90 N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing 1.10 1.05 0.95 0.90 4.59 180.70 0.85 4.80 188.77
Pt.Colb-Ing N/A 1.00N/A N/A N/A
Cardnl-Ing N/A 1.20 1.22 1.10 1.00 4.95 194.68
W O Feed 1.34 4.83 190.31
US Rep 1.26 4.75 187.00
Toledo El. -0.27 3.22 126.58 -0.37 3.57 140.60
TRANSFER
Sarnia N/A N/A
MID SD CRN 0.67 1/2 4.16 1/2
HI SD CRN 0.70 4.19
*Wet Bid
Exchange rate was 1.2482 up 0.0014
Chicago soybeans closed slightly higher.
NOV17 HI 9.89 NOV18 HI 10.05 1/2
LOW 9.83 LOW 9.98 3/4
CLOSE9.86 1/2 Up 2 1/4 CLOSE 10.03 1/2 Up 3 1/2
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +NOV1+JAN1+JAN18
CK Low 1.75 11.62 426.781.66 11.70 429.72
CK High 1.85 11.72 430.451.75 11.79 433.02
CK Average 1.80 -0.5211.66 428.431.71 -0.6111.75 431.55
Essex Cty 1.70 11.57 424.941.70 11.74 431.19
Mdsx Low 1.77 11.64 427.511.66 11.70 429.72
Mdsx High 1.85 11.72 430.451.70 11.74 431.19
Mdsx Average 1.81 -0.5111.68 428.981.68 -0.6311.72 430.45
Hensall 1.88 11.74 431.371.73 11.76 432.11
Bruce 1.80 11.67 428.621.70 11.74 431.19
Putnam 1.85 11.72 430.451.70 11.74 431.19
Burford 1.84 11.71 430.091.73 11.77 432.29
Port Perry 1.74 11.61 426.411.63 11.67 428.62
Norfolk 1.90 11.77 432.291.75 11.79 433.02
Palmerston 1.85 11.72 430.451.75 11.79 433.02
Varna 1.90 11.77 432.291.75 11.79 433.02
Trenton 1.80 11.67 428.621.70 11.74 431.19
Winchester 1.87 11.74 431.191.73 11.77 432.29
North Gower 1.82 11.69 429.351.60 11.64 427.51
Huron FOB 2.00 11.87 435.961.85 11.89 436.70
Kent FOB 1.75 11.62 426.781.70 11.74 431.19
Lambton FOB 1.85 11.72 430.451.80 11.84 434.86
Middlesex FOB2.21 2.27 2.33 2.22 12.08 443.681.92 11.96 439.27
TRANSFER
Prescott N/A N/A
Sarnia N/A N/A
Toledo El. -0.50 9.37 344.13-0.37 9.66 354.99
Exchange rate was 1.2482 up 0.0014
Chicago wheat closed slightly higher.
DEC17 HI 4.36 1/4 JUL18 HI 4.81 1/2
LOW 4.29 1/2 LOW 4.76
CLOSE 4.32 3/4 Up 2 3/4 CLOSE 4.78 1/4 Up 1 1/4
Minni wheat closed slightly to moderately higher.
DEC17 HI 6.18 3/4 SEP18 HI 6.37
LOW 6.10 1/2 LOW 6.30 3/4
CLOSE 6.15 3/4 Up 5 3/4 CLOSE 6.34 1/2 Up 4 1/4
GFO Cash Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.70 0.95 0.82 0.40
CAD $/bu 5.03 5.28 5.15 6.56
CAD $/tonne 184.72 193.89 189.30 241.13
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 0.70 N/A N/A N/A 0.65 N/A
London 0.50 0.62 0.62 N/A 0.86 0.79 0.54 N/A
Hensall 0.70 N/A 0.70 N/A 0.90 N/A 0.70 N/A
Trenton N/A N/A 0.65 N/A N/A N/A 0.80 N/A
Bruce 0.70 0.60 0.70 0.10 0.90 0.65 0.70 0.35
Essex N/A N/A N/A N/A N/A N/A 0.65 N/A
Norwich 0.70 N/A 0.70 N/A 0.90 N/A 0.70 N/A
Port Hope N/A 0.75 0.70 N/A N/A 0.70 0.70 N/A
Kent Bridge 0.70 N/A 0.70 N/A 0.90 N/A 0.70 N/A
Chatham N/A N/A 0.70 N/A N/A N/A 0.65 N/A
Brigden N/A N/A 0.70 N/A N/A N/A 0.65 N/A
Palmerston N/A 0.60 0.60 0.25 N/A 0.65 0.60 0.35
Varna 0.95 0.65 0.65 N/A 0.85 0.65 0.65 N/A
Mitchell 0.70 0.70 0.70 N/A 0.90 0.70 0.70 N/A
Thornton N/A N/A N/A 0.16 N/A N/A N/A N/A
North Gower N/A 0.70 0.70 0.30 N/A 0.86 0.81 0.10
W O Feed 1.36
TERMINAL
Sarnia N/A N/A N/A N/A N/A N/A N/A 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 1.26N/A N/A N/A 1.18N/A
Toledo El. 4.25US 5.30CA 4.58US 5.71CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 18 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 0.80 0.80 0.74 0.19
CAD $/bu 5.58 5.58 5.52 6.53
CAD $/tonne 205.17 205.17 202.89 240.08
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 464.52
DDG's FOB Srn & Aylm 145.00
------
Ontario Grain Market Commentary for October 18, 2017
By Marty Hibbs, Grain Farmers of Ontario
Wednesday, October 18, 2017 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT Dec 3.48 ↑ 01 cents
Soybeans CBOT Nov 9.84 ↓ 08 cents
Wheat CBOT Dec 4.30 ↓ 01 cents
Wheat Minn. Dec 6.10 ↓ 02 cents
Wheat Kansas Dec 4.28 ↑ 02 cents
Chicago Oats Dec 2.68 ↑ 06 cents
Canadian $ Dec .8025 ↓ 0.10 points
Corn:
Corn actually ran the stops on the December contract lows last week and closed the day higher. This is a good initial move to allow higher prices in the coming weeks. The only problem with this short sighted plan is that the weekly continuation chart shows a low of $3.28 as the old bottom, while the daily December chart now still shows contract lows are $3.40.
With the harvest well under way, we will need more bearish news if the markets plan to slip below last week’s stops; and if that were to happen, there is a better than average chance that we will indeed challenge the $3.28 lows for the 2017 crop year. Support is still seen at the $3.40 level 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:
We had our pop towards the $10 mark as indicated in last week’s commentary. We are now getting a check back in prices but the bullish formation is still intact. We are still expecting much higher prices in 2018 and this week we received a red buy signal on our weekly charts.
Support is seen at $9.40 and our overhead resistance is at the $10 mark on the November contract.
Both short and medium term indicators are now positive, but the primary trend is still down.
Wheat:
We mentioned in our last commentary that the recent lows in the December wheat contract would soon be tested, and as of October 18 we are trading at $4.30 per bushel. Our recent bottom is pegged at $4.28 with our contract low being recorded at $4.22 and our weekly chart shows $4 as the yearly low. Either way, we have several targets in our sights and hopefully one of them will signal a bottoming action for some price relief.
For now, the $4 bottom on the weekly chart from September 1 could be the required test for support. Initial support still sits at $4.20 with solid support at $4 on the December chart, while overhead resistance is viewed at $4.60.
Short term indicators are still negative and the primary trend is still down.
Harvest 2017 prices as of the close, October 18, are as follows:
SWW @ $183.15/MT ($4.98/bu), HRW @ $192.30/MT ($5.23/bu),
HRS @ $238.09/MT ($6.48/bu), SRW @ $187.72/MT ($5.11/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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