[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Jun 7 15:35:26 EDT 2018
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, June 7
(All Bases in CAD)
Exchange rate was 1.2974 up 0.0029
Chicago corn closed slightly lower.
JUL18 HI 3.82 DEC18 HI 4.03 1/2
LOW 3.74 1/4 LOW 3.95 1/4
CLOSE3.76 1/4 Down 2 CLOSE 3.96 3/4 Down 3
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +SEP18+SEP18+DEC18
CK Low 0.85 4.61 181.59 0.75 4.72 185.72
CK High 0.90 4.66 183.55 0.80 4.77 187.69
CK Avg 0.89 -0.18 4.65 183.23 0.76 -0.33 4.73 186.05
Essex Cty 0.90 4.66 183.55 0.75 4.72 185.72
Mdsx Low 0.90 4.66 183.55 0.75 4.72 185.72
Mdsx High 0.90 4.66 183.55 0.75 4.72 185.72
Mdsx Avg 0.90 -0.17 4.66 183.55 0.75 -0.33 4.72 185.72
Hensall 0.90 4.66 183.55 0.75 4.72 185.72
Bruce 0.90 4.66 183.55 0.75 4.72 185.72
Putnam 0.90 4.66 183.55 0.75 4.72 185.72
Burford 0.90 4.66 183.55 0.75 4.72 185.72
Port Perry 0.90 4.66 183.55 0.85 4.82 189.66
Norfolk 0.90 4.66 183.55 0.75 4.72 185.72
Palmerston 0.90 4.66 183.55 0.75 4.72 185.72
Varna 0.90 4.66 183.55 0.75 4.72 185.72
Trenton 0.90 4.66 183.55 0.90 4.87 191.63
Winchester 1.09 4.85 191.03 1.14 5.11 201.07
North Gower 1.05 4.81 189.46 1.15 5.12 201.47
Huron FOB 1.05 4.81 189.46 0.80 4.77 187.69
Kent FOB 1.10 4.86 191.43 0.83 4.80 188.87
Lamb FOB 1.10 4.86 191.43 0.80 4.77 187.69
Mdsx FOB 0.95 0.95N/A N/A 4.71 185.52 0.85 4.82 189.66
FOB SW Que 1.57 5.33 209.93N/A
Track 1.28 5.04 198.32N/A
PROCESSORS
Chat-Eth N/A N/A 1.29 1.24 1.01 4.98 195.96
Jhnstwn-Eth N/A N/A N/A 1.30 1.12 5.09 200.29
Aylmer-Eth N/A N/A 1.30 1.30 1.00 4.97 195.56
Sarn-Eth 1.15 1.20 1.25N/A 4.91 193.40N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A 1.35 1.35 1.10 5.07 199.50
Pt.Colb-Ing N/A N/A N/A N/A N/A
Cardnl-Ing N/A N/A N/A N/A 1.20 5.17 203.44
W O Feed 1.46 5.22 205.68
US Rep 1.53 5.29 208.36
Toledo El. -0.06 3.70 145.57 -0.26 3.71 145.98
MID SD CRN 0.77 1/2 4.74 1/4
HI SD CRN 0.80 4.76 3/4
*Wet Bid
Exchange rate was 1.2974 up 0.0029
Chicago soybeans closed slightly to moderately lower.
JUL18 HI 9.98 1/4 NOV18 HI 10.17 1/4
LOW 9.73 LOW 9.93
CLOSE9.74 1/4 Down 20 CLOSE 9.94 3/4 Down 18 3/4
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +JUL1+AUG1+NOV18
CK Low 2.40 12.14 446.162.35 12.30 451.86
CK High 2.50 12.24 449.832.50 12.45 457.37
CK Average 2.48 -0.3312.22 448.922.41 -0.4312.35 453.88
Essex Cty 2.40 12.14 446.162.30 12.25 450.02
Mdsx Low 2.50 12.24 449.832.38 12.33 452.96
Mdsx High 2.50 12.24 449.832.40 12.35 453.69
Mdsx Average 2.50 -0.3112.24 449.832.39 -0.4412.34 453.33
Hensall 2.50 12.24 449.832.40 12.35 453.69
Bruce 2.50 12.24 449.832.40 12.35 453.69
Putnam 2.55 12.29 451.672.50 12.45 457.37
Burford 2.57 12.31 452.412.45 12.40 455.53
Port Perry 2.47 12.21 448.732.35 12.30 451.86
Norfolk 2.45 12.19 448.002.40 12.35 453.69
Palmerston 2.45 12.19 448.002.35 12.30 451.86
Varna 2.50 12.24 449.832.40 12.35 453.69
Trenton 2.40 12.14 446.162.40 12.35 453.69
Winchester 2.33 12.07 443.592.37 12.32 452.59
North Gower 2.38 12.12 445.432.40 12.35 453.69
Huron FOB 2.60 12.34 453.512.50 12.45 457.37
Kent FOB 2.50 12.24 449.832.40 12.35 453.69
Lambton FOB 2.55 12.29 451.672.40 12.35 453.69
Middlesex FOB2.73 2.73 2.73 N/A 12.47 458.292.49 12.44 457.00
PROCESSORS
Windsor 2.84 12.58 462.332.70 12.65 464.72
TRANSFER
Hamilton N/A 2.70 12.65 464.72
Prescott 2.42 12.16 446.902.85 12.80 470.23
Toledo El. -0.19 9.55 350.82-0.32 9.62 353.59
Exchange rate was 1.2974 up 0.0029
Chicago wheat closed moderately higher.
JUL18 HI 5.37 JUL18 HI 5.37
LOW 5.19 1/4 LOW 5.19 1/4
CLOSE 5.26 3/4 Up 7 CLOSE 5.26 3/4 Up 7
Minni wheat closed slightly lower to steady.
JUL18 HI 6.11 SEP18 HI 6.20
LOW 5.96 1/2 LOW 6.06 3/4
CLOSE 5.97 1/2 Down 3/4 CLOSE 6.07 1/2 Unchanged
GFO Cash Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.46 1.40 1.20 0.35
CAD $/bu 6.73 6.67 6.47 6.33
CAD $/tonne 247.30 244.92 237.77 232.40
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 1.00 N/A N/A N/A 1.05 N/A
London 1.10 1.44 1.11 N/A 1.17 1.23 1.11 N/A
Hensall 1.10 N/A 1.00 N/A 1.15 N/A 1.05 N/A
Trenton N/A N/A N/A N/A N/A N/A 1.05 N/A
Bruce 1.10 1.10 1.00 N/A 1.15 1.15 1.05 0.55
Essex N/A N/A 0.81 N/A N/A N/A 1.04 N/A
Norwich 1.10 N/A 1.00 N/A 1.15 N/A 1.05 N/A
Port Hope N/A N/A 1.00 N/A N/A 1.05 1.05 N/A
Kent Bridge 1.10 N/A 1.00 N/A 1.15 N/A 1.05 N/A
Chatham N/A N/A 1.00 N/A N/A N/A 1.10 N/A
Brigden N/A N/A 1.00 N/A N/A N/A 1.10 N/A
Palmerston N/A 1.00 1.00 0.35 N/A 1.10 1.05 0.55
Varna 1.25 1.15 0.95 N/A 1.25 1.25 1.05 N/A
Mitchell 1.10 1.10 1.00 N/A 1.15 1.15 1.05 N/A
Thornton N/A N/A N/A 0.79 N/A N/A N/A N/A
North Gower N/A 1.21 0.97 0.14 N/A 1.46 1.36 0.27
W O Feed 1.61
PROCESSORS
Toledo FM N/A N/A 1.83 N/A N/A N/A 1.83 N/A
Toledo El. 5.37US 6.96CA 5.37US 6.96CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 18 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.44 1.50 1.41 0.38
CAD $/bu 6.70 6.77 6.68 6.45
CAD $/tonne 246.35 248.73 245.40 237.17
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 556.02
DDG's FOB Srn & Aylm 265.00
---
Ontario Grain Market Commentary for June 6, 2018
By Marty Hibbs, Grain Farmers of Ontario
Wednesday, June 6, 2018 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT July 3.78 ↓ 15 cents
Soybeans CBOT July 9.94 ↓ 29 cents
Wheat CBOT July 5.20 ↓ 03 cents
Wheat Minn. July 5.98 ↓ 13 cents
Wheat Kansas July 5.41 ↓ 01 cents
Chicago Oats July 2.40 ↓ 01 cents
Canadian $ June .7720 ↓ 0.41 points
Corn:
The correction continued in the July futures as we pulled back to the $3.80 level this week. The momentum suggests there is still more downside and our price target of $3.65 from our last commentary is looking very possible in the coming weeks. This action would not reverse the bullish sentiment which we have seen in the past month. The $3.60 price point on the July futures is the re-test of the downtrend line which was negated back on March 2 of this year.
We may have seen the high for the next couple of weeks, as we did hit a significant level of resistance. The next support on the July futures sits between $3.65 and $3.75, and if we manage to get that low, we should see another move back up to challenge the $4.12 top in the near future.
Our short term indicator has turned bearish while our intermediate trend is still bullish, but the primary trend is still down. A definitive close above $4.50 will confirm the primary trend moving from neutral to bullish mode.
Current overhead resistance is still seen at the $4.10 - $4.15 level on July, while support is seen at the $3.60 - $3.70 level.
Soybeans:
Soybeans are currently testing the $10 level and there is a better than average chance that this time the $10 will not hold. This is not a cause for concern as the $10 level is really more of a psychological number than a technical line. The real support for the July futures is closer to the $9.50 level and there is a good chance we will see that level tested in the coming weeks. Short term indicators are negative, while the intermediate trend, as indicated on the weekly chart, is bullish. The primary trend needs to see a close above the $10.80 level on the lead month futures contract to reverse the six-year-old bear market in soybeans. Until we have a convincing close above that level, the primary trend remains down.
Wheat:
Our May 30 commentary suggested that the $5.55 area would result in stiff resistance and that we would pull back to the $5 level before another attempt at the $5.55 level. June 5 saw a drop to the $5.03 price on our July futures and today, June 6 we are sitting at $5.28 as of this writing. That bounce is a little too fast to be sustained but there is still a good chance we will revisit the $5.50 - $5.75 price on our July futures before the end of June. Solid support is seen at the $4.80 - $5 on the July contract and our resistance is the May 29 high at the $5.55 level. Once we clear that hurdle, we are set to challenge our $5.75 target.
Indicators are positive and the main primary trend is bullish.
Harvest 2018 Grain prices as of the close, June 6, 2018 are as follows:
SWW @ $242.73/MT ($6.61/bu), HRW @ $245.11/MT ($6.67/bu),
HRS @ $236.54/MT ($6.44/bu), SRW @ $241.78/MT ($6.58/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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