[Farmmarketnews] Wednesday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Wed Apr 3 15:32:55 EDT 2019
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, April 3
(All Bases in CAD)
Exchange rate was 1.3308 down 0.0012
Chicago corn closed slightly higher.
MAY19 HI 3.64 3/4 DEC19 HI 3.92 3/4
LOW 3.60 1/2 LOW 3.89
CLOSE3.62 3/4 Up 1 1/4 CLOSE 3.90 3/4 Up 1 1/4
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +JUL19+JUL19+SEP19
CK Low 1.00 4.63 182.18 0.90 4.81 189.26
CK High 1.00 4.63 182.18 0.90 4.81 189.26
CK Avg 1.00 -0.15 4.63 182.18 0.90 -0.30 4.81 189.26
Essex Cty 1.00 4.63 182.18 0.90 4.81 189.26
Mdsx Low 1.00 4.63 182.18 0.90 4.81 189.26
Mdsx High 1.00 4.63 182.18 0.90 4.81 189.26
Mdsx Avg 1.00 -0.15 4.63 182.18 0.90 -0.30 4.81 189.26
Hensall 1.00 4.63 182.18 0.90 4.81 189.26
Bruce 1.00 4.63 182.18 0.90 4.81 189.26
Putnam 1.00 4.63 182.18 0.90 4.81 189.26
Burford 1.00 4.63 182.18 0.90 4.81 189.26
Port Perry 0.95 4.58 180.21 0.90 4.81 189.26
Norfolk 1.00 4.63 182.18 0.90 4.81 189.26
Palmerston 1.00 4.63 182.18 0.85 4.76 187.29
Varna 1.00 4.63 182.18 0.90 4.81 189.26
Trenton 1.00 4.63 182.18 0.90 4.81 189.26
Winchester 1.10 4.73 186.11 1.20 5.11 201.07
North Gower 1.10 4.73 186.11 1.18 5.09 200.29
Huron FOB 1.27 4.90 192.81 0.90 4.81 189.26
Kent FOB 1.30 4.93 193.99 0.95 4.86 191.23
Lamb FOB 1.26 4.89 192.41 0.93 4.84 190.44
Mdsx FOB 1.40 1.40N/A N/A 5.03 197.92 0.95 4.86 191.23
FOB SW Que 1.88 5.51 216.82 1.39 5.30 208.55
Track 1.45 5.08 199.89N/A
PROCESSORS
Chat-Eth N/A N/A N/A 1.65 1.14 5.05 198.71
Jhnstwn-Eth N/A N/A N/A 1.54 1.27 5.18 203.83
Aylmer-Eth N/A 1.55 1.55 1.60 1.12 5.03 197.92
Sarn-Eth N/A 1.40N/A N/A N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A N/A 1.68 1.20 5.11 201.07
Pt.Colb-Ing N/A N/A N/A N/A N/A
Cardnl-Ing N/A N/A N/A 1.65 1.35 5.26 206.98
W O Feed 1.56 5.19 204.32
US Rep 1.76 5.39 212.10
Toledo El. -0.09 3.53 139.14 -0.27 3.64 143.35
TRANSFER
Port ColbornN/A 1.15 5.06199 1/9
MID SD CRN 1.00 4.62 3/4
HI SD CRN 1.00 4.62 3/4
*Wet Bid
Exchange rate was 1.3308 down 0.0012
Chicago soybeans closed slightly lower.
MAY19 HI 9.03 NOV19 HI 9.35 3/4
LOW 8.94 3/4 LOW 9.28 1/4
CLOSE8.98 3/4 Down 1 1/4 CLOSE 9.32 Down 3/4
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +MAY1+JUL1+JUL19
CK Low 2.10 11.09 407.402.15 11.47 421.45
CK High 2.20 11.19 411.072.25 11.57 425.12
CK Average 2.15 -0.6211.14 409.292.18 -0.6811.50 422.37
Essex Cty 2.15 11.14 409.232.15 11.47 421.45
Mdsx Low 2.14 11.13 408.872.13 11.45 420.72
Mdsx High 2.15 11.14 409.232.15 11.47 421.45
Mdsx Average 2.15 -0.6211.13 409.052.14 -0.7111.46 421.08
Hensall 2.13 11.11 408.312.15 11.47 421.45
Bruce 2.10 11.09 407.402.15 11.47 421.45
Putnam 2.15 11.14 409.232.15 11.47 421.45
Burford 2.14 11.13 408.872.13 11.45 420.72
Port Perry 2.10 11.09 407.402.09 11.41 419.25
Norfolk 2.10 11.09 407.402.15 11.47 421.45
Palmerston 2.10 11.09 407.402.15 11.47 421.45
Varna 2.10 11.09 407.402.15 11.47 421.45
Trenton 2.15 11.14 409.232.20 11.52 423.29
Winchester 2.07 11.06 406.292.25 11.57 425.12
North Gower 2.12 11.11 408.132.28 11.60 426.23
Huron FOB 2.20 11.19 411.072.25 11.57 425.12
Kent FOB 2.30 11.29 414.742.15 11.47 421.45
Lambton FOB 2.35 11.34 416.582.40 11.72 430.64
Middlesex FOB2.31 2.37 2.35 N/A 11.30 415.112.23 11.55 424.39
PROCESSORS
Windsor 2.66 11.65 427.972.57 11.89 436.88
TRANSFER
Hamilton 2.60 11.59 425.772.60 11.92 437.99
Prescott N/A 2.50 11.82 434.31
Port Colborne N/A 2.57 11.89 436.88
Toledo El. -0.51 8.48 311.65-0.67 8.65 318.00
Exchange rate was 1.3308 down 0.0012
Chicago wheat closed slightly to moderately higher.
MAY19 HI 4.72 3/4 JUL19 HI 4.76 3/4
LOW 4.63 LOW 4.67 1/4
CLOSE 4.71 Up 7 CLOSE 4.74 1/2 Up 6
Minni wheat closed slightly to moderately lower.
MAY19 HI 5.47 SEP19 HI 5.60
LOW 5.32 1/4 LOW 5.49 1/2
CLOSE 5.34 3/4 Down 7 CLOSE 5.51 3/4 Down 4 1/2
GFO Cash Wheat Prices - DEL Terminal
Harvest 18 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.56 1.62 1.43 0.84
CAD $/bu 6.27 6.33 6.14 6.19
CAD $/tonne 230.32 232.77 225.43 227.26
Direct MarkHarvest 2018 Harvest 2019
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 1.25 N/A N/A N/A 1.20 N/A
London 1.31 1.64 1.18 N/A 1.40 1.60 1.20 N/A
Hensall 1.40 N/A 1.25 N/A 1.50 N/A 1.20 N/A
Trenton N/A N/A N/A N/A N/A N/A 1.25 N/A
Bruce 1.25 1.75 1.25 N/A 1.35 1.60 1.20 1.00
Essex N/A N/A 1.20 N/A N/A N/A 1.20 N/A
Norwich 1.40 N/A 1.25 N/A 1.50 N/A 1.20 N/A
Port Hope N/A N/A N/A N/A N/A 1.45 1.25 N/A
Kent Bridge 1.40 N/A 1.25 N/A 1.50 N/A 1.20 N/A
Chatham N/A N/A 1.20 N/A N/A N/A 1.20 N/A
Brigden N/A N/A 1.20 N/A N/A N/A 1.20 N/A
Palmerston N/A 1.75 1.25 1.10 N/A 1.57 1.17 1.00
Varna 1.45 1.75 1.25 N/A 1.35 1.60 1.20 N/A
Mitchell 1.40 1.45 1.25 N/A 1.50 1.60 1.20 N/A
Thornton N/A N/A N/A 1.11 N/A N/A N/A N/A
North Gower N/A 1.50 1.35 0.80 N/A 1.92 1.49 0.90
W O Feed 1.72
TERMINAL
Port Colbor N/A N/A N/A N/A 1.75 1.95 1.55 N/A
PROCESSORS
Toledo FM N/A N/A 1.76 N/A N/A N/A 1.70 N/A
Toledo El. 4.66US 6.20CA 4.60US 6.12CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 19 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.64 1.97 1.50 0.96
CAD $/bu 6.38 6.71 6.25 6.48
CAD $/tonne 234.48 246.70 229.59 238.02
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 469.59
DDG's FOB Srn & Aylm 205.00 - 210.00
---
Ontario Grain Market Commentary for April 3, 2019
By Marty Hibbs, Grain Farmers of Ontario
Futures Prices as of close, April 3, 2019
Commodity Period Price Weekly Movement
Corn CBOT May 3.63 ↓ 11 cents
Soybeans CBOT May 8.99 ↑ 11 cents
Wheat CBOT May 4.71 ↑ 01 cents
Wheat Minn. May 5.50 ↓ 20 cents
Wheat Kansas May 4.37 ↓ 07 cents
Oats CBOT May 2.86 ↑ 16 cents
Canadian $ Jun 0.7515 ↑ 0.35 points
Corn:
Corn decided to head lower when the $3.80 overhead resistance level failed to give way. We are now back knocking on the support line at the $3.50 level based on the May futures contract. The bad news is that even though the $3.50 level may hold a while longer, I received a red sell signal on my weekly charts. These are generally very dependable in the longer term, but I would not discount a short term rally once again before breaking below that $3.50 support base.
For now, the support is seen at the $3.50 level and overhead resistance is pegged at $3.85. The intermediate indicators are neutral, and the primary trend remains down.
Soybeans:
The May soybean chart looks very heavy and even though we may not see much downside in the short term, it does look as though we will see the $8.65 contract lows challenged on the May contract. The longer term chart does not look much better, and if I were to eyeball the primary chart trend (the monthly), I would be worried that we may indeed head lower into the fall of this year if nothing fundamentally changes. The support line remains now at $8.80 on the May futures and overhead resistance is near the $9.50 level. Soybeans currently look to be the weakest of the three main grains.
Wheat:
Wheat performed well this week as it continues to climb towards our $5 target on the lead month contract. The May contract has recovered to $4.70 and appears to be getting ready to challenge the $4.90 - $5 level in the coming weeks. This of course is strictly technical and could easily change pending weather or political related news in the coming week.
Major support is still seen at the $4.25 level on the futures and our overhead challenge is still to clear this $4.85 level on a close. Once we achieve this, we should be ready to challenge the $5 target.
Our intermediate indicators remain neutral and the long term or primary indicators are still neutral to bullish.
Cash Grain prices as of the close, April 3, 2019 are as follows:
SWW @ $230.38/MT ($6.28/bu), HRW @ $232.83/MT ($6.34/bu),
HRS @ $227.45/MT ($6.19/bu), SRW @ $225.49/MT ($6.14/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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