[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Jun 14 15:15:18 EDT 2018
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, June 14
(All Bases in CAD)
Exchange rate was 1.3092 up 0.0054
Chicago corn closed lower.
JUL18 HI 3.74 3/4 DEC18 HI 3.95 1/2
LOW 3.62 1/2 LOW 3.84
CLOSE3.63 Down 13 CLOSE 3.84 1/2 Down 12 1/2
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 4.48 176.37 0.75 4.60 180.90
CK High 0.90 4.53 178.34 0.90 4.75 186.80
CK Avg 0.89 -0.18 4.52 178.01 0.78 -0.32 4.62 181.88
Essex Cty 0.90 4.53 178.34 0.75 4.60 180.90
Mdsx Low 0.90 4.53 178.34 0.75 4.60 180.90
Mdsx High 0.90 4.53 178.34 0.75 4.60 180.90
Mdsx Avg 0.90 -0.17 4.53 178.34 0.75 -0.34 4.60 180.90
Hensall 0.90 4.53 178.34 0.75 4.60 180.90
Bruce 0.90 4.53 178.34 0.75 4.60 180.90
Putnam 0.90 4.53 178.34 0.75 4.60 180.90
Burford 0.90 4.53 178.34 0.75 4.60 180.90
Port Perry 0.90 4.53 178.34 0.85 4.70 184.83
Norfolk 0.90 4.53 178.34 0.75 4.60 180.90
Palmerston 0.90 4.53 178.34 0.75 4.60 180.90
Varna 0.90 4.53 178.34 0.75 4.60 180.90
Trenton 0.90 4.53 178.34 0.90 4.75 186.80
Winchester 1.08 4.71 185.42 1.14 4.99 196.25
North Gower 1.05 4.68 184.24 1.15 5.00 196.64
Huron FOB 1.03 4.66 183.46 0.80 4.65 182.87
Kent FOB 1.05 4.68 184.24 0.83 4.68 184.05
Lamb FOB 1.10 4.73 186.21 0.80 4.65 182.87
Mdsx FOB 0.95 1.10N/A N/A 4.58 180.31 0.85 4.70 184.83
FOB SW Que 1.65 5.28 207.86N/A
Track 1.30 4.93 194.09N/A
PROCESSORS
Chat-Eth N/A N/A N/A N/A 1.00 4.85 190.74
Jhnstwn-Eth N/A N/A N/A N/A 1.10 4.95 194.68
Aylmer-Eth N/A N/A 1.30 1.30 1.00 4.85 190.74
Sarn-Eth 1.15 1.20 1.25N/A 4.78 188.18N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A 1.35 1.35 1.10 4.95 194.68
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 5.05 198.61
W O Feed 1.44 5.07 199.44
US Rep 1.53 5.16 203.14
Toledo El. -0.07 3.56 140.33 -0.26 3.58 141.06
MID SD CRN 0.82 1/2 4.67
HI SD CRN 0.90 4.74 1/2
*Wet Bid
Exchange rate was 1.3092 up 0.0054
Chicago soybeans closed slightly lower.
JUL18 HI 9.37 3/4 NOV18 HI 9.60
LOW 9.24 LOW 9.46 1/2
CLOSE9.27 1/4 Down 8 3/4 CLOSE 9.50 Down 8 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 2.35 11.62 427.052.25 11.75 431.74
CK High 2.40 11.67 428.892.40 11.90 437.25
CK Average 2.36 -0.3911.63 427.422.30 -0.4911.80 433.64
Essex Cty 2.35 11.62 427.052.20 11.70 429.90
Mdsx Low 2.35 11.62 427.052.26 11.76 432.11
Mdsx High 2.36 11.63 427.422.30 11.80 433.58
Mdsx Average 2.36 -0.3911.63 427.242.28 -0.5011.78 432.84
Hensall 2.38 11.65 427.972.30 11.80 433.58
Bruce 2.35 11.62 427.052.30 11.80 433.58
Putnam 2.50 11.77 432.572.40 11.90 437.25
Burford 2.43 11.70 429.992.33 11.83 434.68
Port Perry 2.33 11.60 426.322.23 11.73 431.00
Norfolk 2.40 11.67 428.892.30 11.80 433.58
Palmerston 2.45 11.72 430.732.40 11.90 437.25
Varna 2.45 11.72 430.732.35 11.85 435.41
Trenton 2.35 11.62 427.052.30 11.80 433.58
Winchester 2.21 11.48 421.912.29 11.79 433.21
North Gower 2.24 11.51 423.012.28 11.78 432.84
Huron FOB 2.50 11.77 432.572.40 11.90 437.25
Kent FOB 2.45 11.72 430.732.30 11.80 433.58
Lambton FOB 2.45 11.72 430.732.30 11.80 433.58
Middlesex FOB2.53 2.60 2.60 N/A 11.80 433.672.37 11.87 436.15
PROCESSORS
Windsor 2.93 12.20 448.372.64 12.14 446.07
TRANSFER
Hamilton N/A 2.60 12.10 444.60
Prescott 2.31 11.58 425.582.75 12.25 450.11
Toledo El. -0.20 9.08 333.49-0.33 9.17 337.04
Exchange rate was 1.3092 up 0.0054
Chicago wheat closed lower.
JUL18 HI 5.17 JUL18 HI 5.17
LOW 4.98 1/4 LOW 4.98 1/4
CLOSE 5.01 1/2 Down 15 CLOSE 5.01 1/2 Down 15
Minni wheat closed moderately lower.
JUL18 HI 5.85 1/4 SEP18 HI 5.98 1/2
LOW 5.75 LOW 5.87 1/4
CLOSE 5.77 1/2 Down 7 CLOSE 5.89 3/4 Down 7 1/2
GFO Cash Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.45 1.38 1.18 0.35
CAD $/bu 6.46 6.40 6.20 6.12
CAD $/tonne 237.41 235.00 227.78 224.90
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 1.05 N/A N/A N/A 1.10 N/A
London 1.04 1.36 1.04 N/A 1.16 1.16 1.03 N/A
Hensall 1.15 N/A 1.05 N/A 1.20 N/A 1.10 N/A
Trenton N/A N/A N/A N/A N/A N/A 1.10 N/A
Bruce 1.15 1.15 1.05 N/A 1.20 1.20 1.10 0.55
Essex N/A N/A 0.88 N/A N/A N/A 1.09 N/A
Norwich 1.15 N/A 1.05 N/A 1.20 N/A 1.10 N/A
Port Hope N/A N/A 1.05 N/A N/A 1.10 1.10 N/A
Kent Bridge 1.15 N/A 1.05 N/A 1.20 N/A 1.10 N/A
Chatham N/A N/A 1.00 N/A N/A N/A 1.05 N/A
Brigden N/A N/A 1.00 N/A N/A N/A 1.05 N/A
Palmerston N/A 1.00 1.00 0.35 N/A 1.10 1.05 0.55
Varna 1.35 1.25 1.05 N/A 1.30 1.30 1.10 N/A
Mitchell 1.15 1.15 1.05 N/A 1.20 1.20 1.10 N/A
Thornton N/A N/A N/A 0.41 N/A N/A N/A N/A
North Gower N/A 1.20 1.00 0.14 N/A 1.51 1.37 0.28
W O Feed 1.57
PROCESSORS
Toledo FM N/A N/A 1.81 N/A N/A N/A 1.81 N/A
Toledo El. 5.12US 6.70CA 5.12US 6.70CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 18 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.42 1.49 1.39 0.38
CAD $/bu 6.43 6.50 6.41 6.28
CAD $/tonne 236.44 238.85 235.48 230.79
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 523.83
DDG's FOB Srn & Aylm 265.00
---
Ontario Grain Market Commentary for June 13, 2018
By Marty Hibbs, Grain Farmers of Ontario
Wednesday, June 13, 2018 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT July 3.76 ↓ 02 cents
Soybeans CBOT July 9.36 ↓ 58 cents
Wheat CBOT July 5.17 ↓ 03 cents
Wheat Minn. July 5.84 ↓ 13 cents
Wheat Kansas July 5.40 ↓ 01 cents
Chicago Oats July 2.32 ↓ 08 cents
Canadian $ June .7680 ↓ 0.41 points
Corn:
The correction continued this week as we reached our downside target of $3.65 as suggested in last week’s commentary. The corn chart still looks weak and even if we bounce from these levels, there is a very good chance we will revisit them again in the coming weeks. This action has now given us a new overhead resistance for the short term. The $3.90 level on the July contract is the new resistance level and my guess is that we will move higher to that level before we re-test the recent lows of the $3.55 - $3.65 zone. Our short term indicator is still bearish while our intermediate remains slightly bullish. All of this really doesn’t matter as long as the long term trend is still negative. 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 $3.90 - $4 level on July, while support is seen at the $3.55 - $3.65 level.
Soybeans:
Soybeans were under attack and we did indeed dropped back to the $9.40 level as the July futures are testing the support level and an intermediate trend line. The charts are proving to be negative in the near term as we received a short term red sell signal on the re-test of the $9.40 trend line. This does not look promising as we may now see more selling which could move us back towards the 2017 lows near $9 and possibly even the long anticipated $8.50 lows of 2016.
Short term indicators are negative, while the intermediate trend, as indicated on the weekly chart, is neutral to 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 $4.80 - $5 level before another attempt at the $5.55 level. We closed June 13 at $5.17 and it looks like we may see the $4.80 - $5.00 support level tested before we make another attempt at the $5.55.
Solid support is seen at $4.80 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.
Short term indicators are neutral while the primary trend is mildly bullish.
Harvest 2018 Grain prices as of the close, June 13, 2018 are as follows:
SWW @ $242.48/MT ($6.60/bu), HRW @ $244.87/MT ($6.66/bu),
HRS @ $232.91/MT ($6.34/bu), SRW @ $241.42/MT ($6.57/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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