[Farmmarketnews] Thursday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Thu May 31 15:15:37 EDT 2018
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, May 31
(All Bases in CAD)
Exchange rate was 1.2953 up 0.0075
Chicago corn closed slightly higher.
JUL18 HI 3.98 1/2 DEC18 HI 4.18 1/4
LOW 3.93 1/4 LOW 4.13 1/4
CLOSE3.94 Up 1/2 CLOSE 4.13 3/4 Up 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 4.79 188.57 0.75 4.89 192.41
CK High 0.90 4.84 190.54 0.80 4.94 194.38
CK Avg 0.88 -0.22 4.82 189.89 0.76 -0.36 4.90 192.74
Essex Cty 0.90 4.84 190.54 0.75 4.89 192.41
Mdsx Low 0.90 4.84 190.54 0.75 4.89 192.41
Mdsx High 0.90 4.84 190.54 0.75 4.89 192.41
Mdsx Avg 0.90 -0.20 4.84 190.54 0.75 -0.36 4.89 192.41
Hensall 0.90 4.84 190.54 0.75 4.89 192.41
Bruce 0.90 4.84 190.54 0.75 4.89 192.41
Putnam 0.90 4.84 190.54 0.75 4.89 192.41
Burford 0.90 4.84 190.54 0.80 4.94 194.38
Port Perry 0.90 4.84 190.54 0.85 4.99 196.35
Norfolk 0.90 4.84 190.54 0.75 4.89 192.41
Palmerston 0.85 4.79 188.57 0.75 4.89 192.41
Varna 0.90 4.84 190.54 0.75 4.89 192.41
Trenton 0.85 4.79 188.57 0.85 4.99 196.35
Winchester 1.10 5.04 198.42 1.15 5.29 208.16
North Gower 1.05 4.99 196.45 1.10 5.24 206.19
Huron FOB 1.03 4.97 195.66 0.80 4.94 194.38
Kent FOB 1.10 5.04 198.42 0.83 4.97 195.56
Lamb FOB 1.05 4.99 196.45 0.80 4.94 194.38
Mdsx FOB 0.90 0.90N/A N/A 4.84 190.54 0.80 4.94 194.38
FOB SW Que 1.45 5.39 212.19N/A
Track 1.30 5.24 206.29N/A
PROCESSORS
Chat-Eth N/A N/A 1.17 1.30 1.04 5.18 203.83
Jhnstwn-Eth N/A N/A N/A N/A N/A
Aylmer-Eth N/A N/A 1.30 1.30 1.00 5.14 202.25
Sarn-Eth 1.15 1.20 1.25N/A 5.09 200.38N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A 1.35 1.30 1.05 5.19 204.22
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 5.34 210.13
W O Feed 1.48 5.42 213.45
US Rep 1.59 5.53 217.71
Toledo El. -0.06 3.88 152.56 -0.26 3.88 152.69
MID SD CRN 0.77 1/2 4.91 1/4
HI SD CRN 0.80 4.93 3/4
*Wet Bid
Exchange rate was 1.2953 up 0.0075
Chicago soybeans closed mixed.
JUL18 HI 10.30 3/4 NOV18 HI 10.45
LOW 10.13 1/2 LOW 10.29 1/2
CLOSE10.18 1/2 Down 4 1/2 CLOSE 10.34 1/4 Down 2 1/4
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +JUL1+AUG1+NOV18
CK Low 2.45 12.64 464.262.35 12.69 466.37
CK High 2.60 12.79 469.772.55 12.89 473.72
CK Average 2.52 -0.3812.70 466.772.45 -0.4712.79 469.98
Essex Cty 2.55 12.74 467.932.35 12.69 466.37
Mdsx Low 2.50 12.69 466.092.39 12.73 467.84
Mdsx High 2.51 12.70 466.462.50 12.84 471.88
Mdsx Average 2.51 -0.3912.69 466.282.45 -0.4712.79 469.86
Hensall 2.50 12.69 466.092.50 12.84 471.88
Bruce 2.50 12.69 466.092.45 12.79 470.04
Putnam 2.50 12.69 466.092.50 12.84 471.88
Burford 2.58 12.77 469.032.46 12.80 470.41
Port Perry 2.48 12.67 465.362.36 12.70 466.74
Norfolk 2.55 12.74 467.932.50 12.84 471.88
Palmerston 2.45 12.64 464.262.35 12.69 466.37
Varna 2.50 12.69 466.092.50 12.84 471.88
Trenton 2.45 12.64 464.262.40 12.74 468.21
Winchester 2.60 12.79 469.772.45 12.79 470.04
North Gower 2.40 12.59 462.422.42 12.76 468.94
Huron FOB 2.60 12.79 469.772.60 12.94 475.56
Kent FOB 2.65 12.84 471.612.55 12.89 473.72
Lambton FOB 2.75 12.94 475.282.65 12.99 477.39
Middlesex FOB2.68 2.68 N/A N/A 12.87 472.712.49 12.83 471.51
PROCESSORS
Windsor 2.94 13.13 482.262.80 13.14 482.90
TRANSFER
Hamilton N/A 2.80 13.14 482.90
Prescott 2.35 12.54 460.582.76 13.10 481.43
Toledo El. -0.19 9.99 367.10-0.32 10.02 368.12
Exchange rate was 1.2953 up 0.0075
Chicago wheat closed slightly higher.
JUL18 HI 5.31 3/4 JUL18 HI 5.31 3/4
LOW 5.15 1/4 LOW 5.15 1/4
CLOSE 5.26 1/4 Up 4 1/4 CLOSE 5.26 1/4 Up 4 1/4
Minni wheat closed slightly higher.
JUL18 HI 6.21 SEP18 HI 6.28 3/4
LOW 6.10 3/4 LOW 6.18 1/2
CLOSE 6.12 Up 1/2 CLOSE 6.19 3/4 Up 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 1.39 1.19 0.38
CAD $/bu 6.71 6.65 6.45 6.50
CAD $/tonne 246.65 244.27 237.13 238.91
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 1.08 1.40 0.95 N/A 1.05 1.18 0.98 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 0.50
Essex N/A N/A 0.83 N/A N/A N/A 1.05 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 0.90 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 0.90 N/A N/A N/A 1.05 N/A
Brigden N/A N/A 0.90 N/A N/A N/A 1.05 N/A
Palmerston N/A 1.00 0.90 0.35 N/A 1.10 1.05 0.55
Varna 1.25 1.15 0.95 N/A 1.30 1.30 1.10 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 0.74 N/A N/A N/A N/A
North Gower N/A 1.19 0.94 0.14 N/A 1.47 1.37 0.25
W O Feed 1.65
PROCESSORS
Toledo FM N/A N/A 1.75 N/A N/A N/A 1.75 N/A
Toledo El. 5.36US 6.95CA 5.36US 6.95CA
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 1.40 0.41
CAD $/bu 6.69 6.75 6.66 6.60
CAD $/tonne 245.70 248.08 244.74 242.60
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 572.44
DDG's FOB Srn & Aylm 260.00 - 265.00
---
Ontario Grain Market Commentary for May 30, 2018
By Marty Hibbs, Grain Farmers of Ontario
Wednesday, May 30, 2018 Closing Prices
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT July 3.93 ↓ 15 cents
Soybeans CBOT July 10.23 ↓ 15 cents
Wheat CBOT July 5.22 ↓ 10 cents
Wheat Minn. July 6.11 ↓ 31 cents
Wheat Kansas July 5.41 ↓ 11 cents
Chicago Oats July 2.39 ↓ 13 cents
Canadian $ June .7767 ↓ 0.21 points
Corn:
Last week, we called for resistance at the $4.10 - $4.15 level on the July corn futures, and after hitting $4.12, we back tracked to the $3.90 level as indicated to be initial support in last week’s commentary.
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.
Both our short-term and intermediate trend are still bullish while the primary trend, or long term 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 $3.90 - $4 level.
Soybeans:
Soybeans continue more of the same with a confined range between the $10 level and the all-important $10.80 level on the July futures contract, as they have done since the first day of May.
The primary down-trend line is still at the $10.80 level. Short-term indicators are neutral but the intermediate trend, as indicated on the weekly chart, is bullish as we await the challenge of the $10.80 level before confirming a trend reversal on our final holdout, the primary trend. Until we have a convincing close above that level, the primary trend remains down.
Wheat:
Wheat hit our initial overhead resistance of $5.55 on May 29 before succumbing to gravity. The charts showed a hook reversal pattern in the short-term. The $5.55 - $5.75 resistance that we were expecting proved to be too much for the price action as we are possibly now headed back to the $5 support level on July before challenging the $5.55 level again. This movement is normal in a coiling market, and I expect if we don’t find solid support in the $5 price level on the July futures, we should definitely find it at the $4.80 level and set ourselves up again to challenge the $5.55 price point before the expiry of the July futures contract. 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, May 30, 2018 are as follows:
SWW @ $242.27/MT ($6.59/bu), HRW @ $244.64/MT ($6.66/bu),
HRS @ $241.80/MT ($6.58/bu), SRW @ $241.33MT ($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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Grain Farmers of Ontario
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