[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu Mar 8 15:14:04 EST 2018
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, March 8
(All Bases in CAD)
Exchange rate was 1.2948 down 0.0013
Chicago corn closed slightly to moderately higher.
MAY18 HI 3.93 3/4 DEC18 HI 4.10 1/4
LOW 3.85 3/4 LOW 4.04 1/2
CLOSE3.93 1/2 Up 6 1/4 CLOSE 4.10 1/4 Up 4
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +MAY18+JUL18+JUL18
CK Low 0.65 4.59 180.50 0.65 4.75 187.10
CK High 0.70 4.64 182.47 0.75 4.85 191.03
CK Avg 0.69 -0.36 4.63 182.14 0.71 -0.38 4.81 189.39
Essex Cty 0.70 4.64 182.47 0.75 4.85 191.03
Mdsx Low 0.70 4.64 182.47 0.70 4.80 189.07
Mdsx High 0.75 4.69 184.44 0.75 4.85 191.03
Mdsx Avg 0.73 -0.34 4.66 183.46 0.73 -0.37 4.83 190.05
Hensall 0.75 4.69 184.44 0.75 4.85 191.03
Bruce 0.75 4.69 184.44 0.75 4.85 191.03
Putnam 0.75 4.69 184.44 0.75 4.85 191.03
Burford 0.75 4.69 184.44 0.75 4.85 191.03
Port Perry 0.75 4.69 184.44 0.75 4.85 191.03
Norfolk 0.75 4.69 184.44 0.80 4.90 193.00
Palmerston 0.65 4.59 180.50 0.65 4.75 187.10
Varna 0.75 4.69 184.44 0.75 4.85 191.03
Trenton 0.85 4.79 188.38 0.75 4.85 191.03
Winchester 1.02 4.96 195.07 1.05 5.15 202.84
North Gower 0.98 4.92 193.49 1.03 5.13 202.06
Huron FOB 0.95 4.89 192.31 0.80 4.90 193.00
Kent FOB 0.97 4.91 193.10 0.80 4.90 193.00
Lamb FOB 0.97 4.91 193.10 0.80 4.90 193.00
Mdsx FOB 0.80 0.80 0.80N/A 4.74 186.41 0.70 4.80 189.07
FOB SW Que 1.20 5.14 202.16 1.06 5.16 203.24
Track 1.13 5.06 199.20N/A
PROCESSORS
Chat-Eth N/A N/A 1.07N/A 0.92 5.02 197.73
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A 1.10 1.10 N/A
Sarn-Eth 1.00 1.00 1.00N/A 4.94 194.28N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A 1.20N/A 0.95 5.05 198.91
Pt.Colb-Ing N/A N/A N/A N/A N/A
Cardnl-Ing N/A N/A N/A N/A 1.10 5.20 204.81
W O Feed 1.30 5.23 205.94
US Rep 1.52 5.46 214.75
Toledo El. -0.09 3.84 151.35 -0.26 3.84 151.33
MID SD CRN 0.67 1/2 4.61
HI SD CRN 0.70 4.63 1/2
*Wet Bid
Exchange rate was 1.2948 down 0.0013
Chicago soybeans closed narrowly mixed.
MAY18 HI 10.69 1/4 NOV18 HI 10.45 1/2
LOW 10.56 1/2 LOW 10.36
CLOSE10.64 Down 1 1/4 CLOSE 10.45 Up 1/2
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +MAY1+MAY1+JUL18
CK Low 2.20 12.84 471.792.24 12.69 466.28
CK High 2.35 12.99 477.302.30 12.75 468.48
CK Average 2.25 -0.6812.89 473.692.27 -0.6012.72 467.50
Essex Cty 2.30 12.94 475.462.25 12.70 466.65
Mdsx Low 2.21 12.85 472.162.24 12.69 466.28
Mdsx High 2.25 12.89 473.632.30 12.75 468.48
Mdsx Average 2.23 -0.7012.87 472.892.27 -0.6112.72 467.38
Hensall 2.25 12.89 473.632.30 12.75 468.48
Bruce 2.25 12.89 473.632.30 12.75 468.48
Putnam 2.25 12.89 473.632.30 12.75 468.48
Burford 2.28 12.92 474.732.31 12.76 468.85
Port Perry 2.21 12.85 472.162.24 12.69 466.28
Norfolk 2.20 12.84 471.792.30 12.75 468.48
Palmerston 2.40 13.04 479.142.35 12.80 470.32
Varna 2.25 12.89 473.632.30 12.75 468.48
Trenton 2.25 12.89 473.632.25 12.70 466.65
Winchester 2.25 12.89 473.632.20 12.65 464.81
North Gower 2.20 12.84 471.792.25 12.70 466.65
Huron FOB 2.30 12.94 475.462.35 12.80 470.32
Kent FOB 2.40 13.04 479.142.25 12.70 466.65
Lambton FOB 2.40 13.04 479.142.40 12.85 472.16
Middlesex FOB2.32 2.45 2.50 2.50 12.96 476.202.35 12.80 470.32
TRANSFER
Hamilton N/A 2.70 13.15 483.18
Prescott 2.58 13.22 485.752.67 13.12 482.08
Toledo El. -0.31 10.33 379.53-0.39 10.06 369.73
Exchange rate was 1.2948 down 0.0013
Chicago wheat closed slightly higher.
MAY18 HI 5.02 1/2 JUL18 HI 5.18
LOW 4.90 1/4 LOW 5.05 3/4
CLOSE 4.99 1/4 Up 2 CLOSE 5.15 1/4 Up 2 1/4
Minni wheat closed slightly higher.
MAY18 HI 6.25 SEP18 HI 6.38 3/4
LOW 6.17 1/4 LOW 6.32
CLOSE 6.24 3/4 Up 4 3/4 CLOSE 6.38 3/4 Up 5
GFO Cash Wheat Prices - DEL Terminal
Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.41 1.34 1.15 0.48
CAD $/bu 6.40 6.33 6.14 6.73
CAD $/tonne 235.15 232.77 225.63 247.28
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 0.95 N/A
London 1.06 1.38 0.86 N/A 1.35 1.09 0.90 N/A
Hensall 1.05 N/A 0.90 N/A 1.10 N/A 0.95 N/A
Trenton N/A N/A N/A N/A N/A N/A 1.00 N/A
Bruce 1.05 1.05 0.90 0.20 1.10 0.95 0.95 0.35
Essex N/A N/A N/A N/A N/A N/A 0.99 N/A
Norwich 1.05 N/A 0.90 N/A 1.10 N/A 0.95 N/A
Port Hope N/A N/A 0.90 N/A N/A 0.85 0.95 N/A
Kent Bridge 1.05 N/A 0.90 N/A 1.10 N/A 0.95 N/A
Chatham N/A N/A 0.95 N/A N/A N/A 1.00 N/A
Brigden N/A N/A 0.95 N/A N/A N/A 1.00 N/A
Palmerston N/A 0.80 0.90 0.25 N/A 0.75 0.85 0.35
Varna 1.20 1.05 0.90 N/A 1.15 0.95 0.95 N/A
Mitchell 1.05 1.05 0.90 N/A 1.10 0.95 0.95 N/A
Thornton N/A N/A N/A 1.29 N/A N/A N/A N/A
North Gower N/A 1.24 1.22 0.36 N/A 1.36 1.29 0.37
W O Feed 1.48
PROCESSORS
Toledo FM N/A N/A 1.60 N/A N/A N/A 1.51 N/A
Toledo El. 4.91US 6.36CA 5.10US 6.59CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 18 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.38 1.25 1.18 0.45
CAD $/bu 6.53 6.40 6.34 6.83
CAD $/tonne 239.92 235.17 232.79 251.08
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 546.09
DDG's FOB Srn & Aylm 220.00 - 235.00
----
Ontario Grain Market Commentary for March 7, 2018
By Marty Hibbs, Grain Farmers of Ontario
Wednesday, March 7, 2018 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT May 3.87 ↑ 13 cents
Soybeans CBOT May 10.65 ↑ 10 cents
Wheat CBOT May 4.97 ↑ 02 cents
Wheat Minn. May 6.20 ↓ 02 cents
Wheat Kansas May 5.34 ↑ 12 cents
Chicago Oats May 2.64 ↓ 06 cents
Canadian $ Mar .7731 ↓ 0.65 points
Corn:
Corn has broken the four-year-old downtrend line at the $3.75 level based on the lead month (March) contract.
>From this point, we wait and see if there is a short covering rally by the funds in the next week or so. If we do have the rally towards the $4 level based on the May contract, we should come back to the $3.75 area in the next few weeks to test this trend line for support, also based on the May contract. Initial support is now at $3.70 on the May contract while overhead resistance is at $3.95 - $4 also on the May contract. Short term indicators are positive and the main, or primary trend, is now neutral.
Soybeans:
Not much change this week as we hit our projected resistance at the $10.80 level on the May contract. The next 10 to 15 cents hold good resistance as we should soon see a correction in price. We are on the verge of negating the six-year-old down trend line and a close above $11 should confirm the break. Meanwhile, a pullback to the support level of $10.20 is quite doable. Initial support is seen on the May charts at the $10.20 level while our overhead resistance level is still at the $10.75 - $11 level.
Short term indicators are positive and the primary trend is neutral. A close above $11 would be very positive and indicate an end to our bear market.
Wheat:
The May contract is hitting resistance at the $5.20 level but continues to impress as we are now ready to pullback before an assault on the $5.20 trend line that separates the downtrend line from a breakout and trend reversal. January 2 of this year gave us a strong red buy signal on the weekly charts and we should see yet another short covering rally if we can close above the $5.25 level on the May contract.
A possible move back to the $4.75 level on the May contract is possible but not necessary as the momentum may not allow the prices to settle back that much before another attempt at the 10-year-old trend line is challenged. Indicators are positive. Both daily and weekly indicators are now bullish, and our primary trend is neutral with a strong bullish bias if we can close above the $5.25 price on the May contract.
Harvest 2018 Grain prices as of the close, March 7, are as follows:
SWW @ $238.66 ($6.50/bu), HRW @ $233.91/MT ($6.37/bu),
HRS @ $248.62/MT ($6.77/bu), SRW @ $231.54/MT ($6.30/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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