[Farmmarketnews] Wednesday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Wed Apr 17 15:22:45 EDT 2019
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, April 17
(All Bases in CAD)
Exchange rate was 1.3328 down 0.0006
Chicago corn closed slightly lower.
MAY19 HI 3.60 DEC19 HI 3.88 1/2
LOW 3.56 3/4 LOW 3.85 1/4
CLOSE3.58 1/4 Down 3/4 CLOSE 3.86 3/4 Down 3/4
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 4.58 180.41 0.85 4.72 185.72
CK High 1.05 4.63 182.37 0.90 4.77 187.69
CK Avg 1.04 -0.11 4.62 182.05 0.87 -0.32 4.73 186.38
Essex Cty 1.05 4.63 182.37 0.85 4.72 185.72
Mdsx Low 1.00 4.58 180.41 0.85 4.72 185.72
Mdsx High 1.05 4.63 182.37 0.85 4.72 185.72
Mdsx Avg 1.03 -0.13 4.61 181.39 0.85 -0.33 4.72 185.72
Hensall 1.05 4.63 182.37 0.88 4.74 186.70
Bruce 1.05 4.63 182.37 0.90 4.77 187.69
Putnam 1.05 4.63 182.37 0.85 4.72 185.72
Burford 1.00 4.58 180.41 0.85 4.72 185.72
Port Perry 0.95 4.53 178.44 0.85 4.72 185.72
Norfolk 1.05 4.63 182.37 0.85 4.72 185.72
Palmerston 1.00 4.58 180.41 0.90 4.77 187.69
Varna 1.05 4.63 182.37 0.90 4.77 187.69
Trenton 1.00 4.58 180.41 0.90 4.77 187.69
Winchester 1.10 4.68 184.34 1.20 5.07 199.50
North Gower 1.10 4.68 184.34 1.18 5.05 198.71
Huron FOB 1.30 4.88 192.22 0.90 4.77 187.69
Kent FOB 1.30 4.88 192.22 0.85 4.72 185.72
Lamb FOB 1.26 4.84 190.64 0.93 4.80 188.87
Mdsx FOB 1.40 1.40N/A N/A 4.98 196.15 0.95 4.82 189.66
FOB SW Que 1.94 5.52 217.41 1.31 5.18 203.83
Track 1.50 5.08 200.09N/A
PROCESSORS
Chat-Eth N/A N/A N/A 1.65 1.05 4.92 193.59
Jhnstwn-Eth N/A N/A N/A N/A 1.37 5.24 206.19
Aylmer-Eth N/A 1.55 1.55 1.60 1.05 4.92 193.59
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 1.70 1.20 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 1.35 5.22 205.40
W O Feed 1.60 5.18 204.03
US Rep 1.75 5.33 209.93
Toledo El. -0.08 3.50 137.89 -0.27 3.60 141.76
TRANSFER
Port ColbornN/A 1.15 5.02197 1/2
MID SD CRN 1.02 1/2 4.60 3/4 0.87 1/2 4.74 1/4
HI SD CRN 1.05 4.63 1/4 0.90 4.76 3/4
*Wet Bid
Exchange rate was 1.3328 down 0.0006
Chicago soybeans closed slightly lower.
MAY19 HI 8.90 1/2 NOV19 HI 9.23 1/2
LOW 8.78 1/2 LOW 9.11 3/4
CLOSE8.79 Down 9 CLOSE 9.12 1/4 Down 8 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 10.89 400.142.10 11.22 412.36
CK High 2.20 10.99 403.812.15 11.27 414.19
CK Average 2.15 -0.5810.94 402.042.12 -0.6811.25 413.21
Essex Cty 2.15 10.94 401.982.15 11.27 414.19
Mdsx Low 2.14 10.93 401.612.10 11.22 412.36
Mdsx High 2.15 10.94 401.982.12 11.24 413.09
Mdsx Average 2.15 -0.5910.94 401.792.11 -0.6911.23 412.72
Hensall 2.13 10.92 401.062.10 11.22 412.36
Bruce 2.15 10.94 401.982.10 11.22 412.36
Putnam 2.15 10.94 401.982.10 11.22 412.36
Burford 2.14 10.93 401.612.12 11.24 413.09
Port Perry 2.10 10.89 400.142.08 11.20 411.62
Norfolk 2.10 10.89 400.142.10 11.22 412.36
Palmerston 2.15 10.94 401.982.20 11.32 416.03
Varna 2.15 10.94 401.982.10 11.22 412.36
Trenton 2.15 10.94 401.982.10 11.22 412.36
Winchester 2.08 10.87 399.402.10 11.22 412.36
North Gower 2.05 10.84 398.302.20 11.32 416.03
Huron FOB 2.20 10.99 403.812.20 11.32 416.03
Kent FOB 2.30 11.09 407.492.10 11.22 412.36
Lambton FOB 2.30 11.09 407.492.30 11.42 419.71
Middlesex FOB2.33 2.40 2.37 N/A 11.12 408.592.25 11.37 417.87
PROCESSORS
Windsor 2.67 11.46 421.082.52 11.64 427.79
TRANSFER
Hamilton 2.60 11.39 418.512.55 11.67 428.89
Prescott N/A 2.55 11.67 428.89
Port Colborne N/A 2.59 11.71 430.36
Toledo El. -0.51 8.28 304.37-0.73 8.39 308.26
Exchange rate was 1.3328 down 0.0006
Chicago wheat closed steady to slightly higher.
MAY19 HI 4.50 JUL19 HI 4.53 3/4
LOW 4.44 3/4 LOW 4.48 1/4
CLOSE 4.47 Up 2 CLOSE 4.50 1/4 Up 1 3/4
Minni wheat closed slightly higher.
MAY19 HI 5.29 1/4 SEP19 HI 5.39 3/4
LOW 5.21 LOW 5.33 3/4
CLOSE 5.27 1/2 Up 1/4 CLOSE 5.38 3/4 Up 1 3/4
GFO Cash Wheat Prices - DEL Terminal
Harvest 18 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.49 1.55 1.35 0.82
CAD $/bu 5.96 6.02 5.82 6.10
CAD $/tonne 218.90 221.35 214.01 224.05
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 1.32 1.72 1.18 N/A 1.37 1.64 1.30 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 1.40 1.75 1.25 N/A 1.50 1.60 1.20 1.00
Essex N/A N/A 1.20 N/A N/A N/A 1.25 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 1.60 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 1.25 N/A
Brigden N/A N/A 1.20 N/A N/A N/A 1.25 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 1.40 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 0.91 N/A N/A N/A N/A
North Gower N/A 1.50 1.25 0.70 N/A 1.92 1.45 0.80
W O Feed 1.71
TERMINAL
Port Colbor N/A N/A N/A N/A 1.73 2.00 1.59 N/A
PROCESSORS
Toledo FM N/A N/A 1.69 N/A N/A N/A 1.63 N/A
Toledo El. 4.42US 5.89CA 4.35US 5.80CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 19 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.57 1.90 1.43 1.06
CAD $/bu 6.07 6.40 5.93 6.45
CAD $/tonne 222.95 235.19 218.05 236.90
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 465.07
DDG's FOB Srn & Aylm 210.00
----
Ontario Grain Market Commentary for April 17, 2019
By Marty Hibbs, Grain Farmers of Ontario
Futures Prices as of close, April 17, 2019
Commodity Period Price Weekly Movement
Corn CBOT May 3.58 ↓ 04 cents
Soybeans CBOT May 8.78 ↓ 23 cents
Wheat CBOT May 4.48 ↓ 10 cents
Wheat Minn. May 5.28 ↓ 02 cents
Wheat Kansas May 4.22 ↓ 05 cents
Oats CBOT May 3.00 ↑ 21 cents
Canadian $ Jun 0.7505 ↓ 0.15 points
Corn:
Corn slipped again towards the recent support at the $3.50 level on the May contract. I can’t help but feel that we are going to see this sell-off before the culmination of the price on the charts, especially after we saw a red sell signal on the weekly chart.
For now, the support is seen at the $3.50 level on the May chart and overhead resistance is pegged at $3.85. The intermediate indicators are neutral, and the primary trend remains down. The extension of this red sell signal suggests a move towards the $3.50 level on the July contract.
Next week, I will be switching to the July contract for my analysis.
Soybeans:
We are now at the $8.80 level that we suggested last week and the charts still look heavy. A close below the $8.80 level on May suggests a move that could continue to slide into the fall to at least the $8.50 area on the lead month futures. The May soybean chart continues to track sideways and may continue for some time. The charts suggest a continued deterioration of prices in the coming months unless we see a positive report of event to give us temporary relief. The overhead resistance line at the $9.30 mark on the futures continues to be a solid wall and major support is not seen until $8. Let’s hope I’m wrong on this one. We will switch to the July contract for analysis next week.
Wheat:
Wheat followed the other grains lower this week as the May contract closed on April 17 at $4.48. Charts appear to show support at the $4.25 - $4.35 level on the May contract. A close below $4.20 on the May futures could bring us back to the $4 level or lower. For now, the short-term indicators are neutral and we still have a positive tone on the long-term charts.
Good support is still seen at the $4.20 level on the May futures and our overhead challenge is still to clear this $4.80 level on a close.
Cash Grain prices as of the close, April 17, 2019 are as follows:
SWW @ $218.99/MT ($5.96/bu), HRW @ $221.44/MT ($6.03/bu),
HRS @ $224.38/MT ($6.11/bu), SRW @ $214.09/MT ($5.83/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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