[Farmmarketnews] Wednesday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Wed Jul 10 15:49:08 EDT 2019
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, July 10
(All Bases in CAD)
Exchange rate was 1.3057 down 0.0059
Chicago corn closed slightly higher.
SEP19 HI 4.36 1/2 DEC19 HI 4.41
LOW 4.27 LOW 4.31 1/2
CLOSE4.35 Up 2 1/2 CLOSE 4.39 1/2 Up 2 1/4
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +SEP19+DEC19+DEC19
CK Low 1.55 5.90 232.27 1.25 5.65 222.23
CK High 1.60 5.95 234.24 1.25 5.65 222.23
CK Avg 1.58 0.19 5.93 233.59 1.25 -0.08 5.65 222.23
Essex Cty 1.60 5.95 234.24 1.25 5.65 222.23
Mdsx Low 1.55 5.90 232.27 1.25 5.65 222.23
Mdsx High 1.60 5.95 234.24 1.25 5.65 222.23
Mdsx Avg 1.58 0.19 5.93 233.26 1.25 -0.08 5.65 222.23
Hensall 1.58 5.93 233.26 1.28 5.67 223.22
Bruce 1.55 5.90 232.27 1.25 5.65 222.23
Putnam 1.55 5.90 232.27 1.25 5.65 222.23
Burford 1.60 5.95 234.24 1.25 5.65 222.23
Port Perry 1.50 5.85 230.30 1.20 5.60 220.27
Norfolk 1.60 5.95 234.24 1.25 5.65 222.23
Palmerston 1.45 5.80 228.34 1.25 5.65 222.23
Varna 1.55 5.90 232.27 1.25 5.65 222.23
Trenton 1.55 5.90 232.27 1.25 5.65 222.23
Winchester N/A 1.40 5.80 228.14
North Gower 1.20 5.55 218.49 1.30 5.70 224.20
Huron FOB 1.87 6.22 244.87 1.38 5.78 227.35
Kent FOB 1.85 6.20 244.08 1.30 5.70 224.20
Lamb FOB 1.95 6.30 248.02 1.30 5.70 224.20
Mdsx FOB 1.95 1.95N/A N/A 6.30 248.02 1.30 5.70 224.20
FOB SW Que 2.10 6.45 253.93 1.30 5.70 224.20
Track 2.05 6.40 251.96N/A
PROCESSORS
Chat-Eth N/A 2.26 2.27 2.14 1.55 5.95 234.04
Jhnstwn-Eth N/A N/A 1.81N/A N/A
Aylmer-Eth 2.15 2.15 2.25 2.25 6.50 255.89 1.50 5.90 232.08
Sarn-Eth N/A N/A 2.00 2.00 N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A 2.30 2.25 N/A
Pt.Colb-Ing N/A N/A N/A N/A 1.50 5.90 232.08
Cardnl-Ing N/A N/A N/A 1.55 1.50 5.90 232.08
W O Feed 2.29 6.64 261.33
US Rep 2.60 6.95 273.61
Toledo El. 0.50 4.85 190.79 0.20 4.59 180.75
TRANSFER
Port ColbornN/A N/A
MID SD CRN 1.25 5.64 1/2
HI SD CRN 1.25 5.64 1/2
*Wet Bid
Exchange rate was 1.3057 down 0.0059
Chicago soybeans closed slightly higher.
AUG19 HI 8.95 1/4 NOV19 HI 9.13 1/2
LOW 8.81 1/4 LOW 8.99 1/4
CLOSE8.94 1/2 Up 8 1/2 CLOSE 9.12 3/4 Up 8 1/2
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +AUG1+NOV1+NOV19
CK Low 2.10 11.05 405.831.95 11.08 407.03
CK High 2.15 11.10 407.672.00 11.13 408.87
CK Average 2.13 -0.4611.08 407.061.96 -0.6511.09 407.33
Essex Cty 2.20 11.15 409.511.95 11.08 407.03
Mdsx Low 2.05 11.00 404.001.90 11.03 405.19
Mdsx High 2.15 11.10 407.671.95 11.08 407.03
Mdsx Average 2.10 -0.4911.05 405.831.93 -0.6811.05 406.11
Hensall 2.13 11.07 406.751.93 11.05 406.11
Bruce 2.05 11.00 404.001.85 10.98 403.35
Putnam 2.15 11.10 407.671.95 11.08 407.03
Burford 2.10 11.05 405.831.95 11.08 407.03
Port Perry 2.07 11.02 404.731.92 11.05 405.93
Norfolk 2.15 11.10 407.671.95 11.08 407.03
Palmerston 2.05 11.00 404.001.90 11.03 405.19
Varna 2.10 11.05 405.831.90 11.03 405.19
Trenton 2.10 11.05 405.831.90 11.03 405.19
Winchester N/A 1.95 11.08 407.03
North Gower 2.05 11.00 404.002.00 11.13 408.87
Huron FOB 2.25 11.20 411.352.00 11.13 408.87
Kent FOB 2.40 11.35 416.861.95 11.08 407.03
Lambton FOB 2.35 11.30 415.021.95 11.08 407.03
Middlesex FOB2.21 2.27 2.13 N/A 11.16 409.881.98 11.11 408.13
PROCESSORS
Windsor 2.81 11.76 431.922.28 11.41 419.15
TRANSFER
Hamilton 2.65 11.60 426.042.40 11.53 423.56
Prescott N/A 2.45 11.58 425.40
Port Colborne N/A 2.34 11.47 421.36
Toledo El. -0.20 8.75 321.48-0.65 8.47 311.35
Exchange rate was 1.3057 down 0.0059
Chicago wheat closed steady to slightly higher.
SEP19 HI 5.06 3/4 JUL10 HI 5.38
LOW 4.98 LOW 5.31 1/4
CLOSE 5.04 3/4 Up 2 CLOSE 5.36 3/4 Up 1 1/4
Minni wheat closed slightly higher.
SEP19 HI 5.32 1/2 SEP10 HI 5.80
LOW 5.25 LOW 5.78 1/4
CLOSE 5.28 3/4 Up 2 1/4 CLOSE 5.78 1/4 Up 3/4
GFO Cash Wheat Prices - DEL Terminal
Harvest 19 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.80 2.07 1.67 1.09
CAD $/bu 6.85 7.11 6.72 6.38
CAD $/tonne 251.76 261.36 246.97 234.49
Direct MarkHarvest 2019 Harvest 2020
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 1.55 N/A N/A N/A 1.15 N/A
London 1.52 1.85 1.52 N/A 0.78 1.30 0.97 N/A
Hensall 1.65 N/A 1.55 N/A 1.35 N/A 1.15 N/A
Trenton N/A N/A 1.60 N/A N/A N/A 1.15 N/A
Bruce 1.65 1.95 1.55 1.20 1.35 1.50 1.10 N/A
Essex N/A N/A 1.55 N/A N/A N/A 1.05 N/A
Norwich 1.65 N/A 1.55 N/A 1.35 N/A 1.15 N/A
Port Hope N/A 1.90 1.60 N/A N/A 1.50 1.15 N/A
Kent Bridge 1.65 N/A 1.55 N/A 1.35 N/A 1.15 N/A
Chatham N/A N/A 1.55 N/A N/A N/A 1.05 N/A
Brigden N/A N/A 1.55 N/A N/A N/A 1.05 N/A
Palmerston N/A 1.95 1.55 1.20 N/A 1.57 1.17 0.90
Varna 1.65 1.95 1.55 N/A 1.35 1.50 1.10 N/A
Mitchell 1.65 1.90 1.55 N/A 1.35 1.50 1.15 N/A
Thornton N/A N/A N/A 1.66 N/A N/A N/A N/A
North Gower N/A 2.05 1.65 1.10 N/A 1.57 1.27 0.80
W O Feed 2.19
TERMINAL
Port Colbor 1.86 2.19 1.86 N/A N/A N/A N/A N/A
PROCESSORS
Toledo FM N/A N/A 1.74 N/A N/A N/A N/A N/A
Toledo El. 5.30US 6.92CA 5.32US 6.95CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 20 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.39 1.65 1.33 0.86
CAD $/bu 6.76 7.02 6.69 6.65
CAD $/tonne 248.31 257.92 245.91 244.23
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 494.62
DDG's FOB Srn & Aylm 190.00
---
Ontario Grain Market Commentary for July 10, 2019
By Marty Hibbs, Grain Farmers of Ontario
Futures Prices as of close, July 10, 2019
Commodity Period Price Weekly Movement
Corn CBOT Sep 4.34 ↓ 02 cents
Soybeans CBOT Sep 9.00 ↑ 04 cents
Wheat CBOT Sep 5.05 ↓ 10 cents
Wheat Minn. Sep 5.28 ↓ 12 cents
Wheat Kansas Sep 4.42 ↓ 02 cents
Oats CBOT Sep 2.75 ↓ 10 cents
Canadian $ Sep 0.7660 ↑ 0.00 points
Corn:
Corn traded sideways this week, but short-term it is still under pressure and should see more downside in the coming weeks. We have slipped back towards the $4.30 level from a high of $4.46 on the September futures earlier this week.
Good support is seen at $4 on the September futures.
The primary trend is now neutral to bullish. Once this current correction is complete, I expect a re-test of the recent highs of $4.69 on the September futures and later this summer a shot towards our next target of $5 per bushel.
Soybeans:
September soybeans had a quiet week as we hovered around the $9 range. The charts suggest more downward pressure and consolidation barring any unforeseen weather or political issues.
Overhead resistance is still pegged at the $9.35 to $9.50 level on the front month contract, while support is seen at the $8.50 level.
Indicators are still mixed, and the primary trend is still down.
Wheat:
Our red sell signal on the daily chart last week suggests more downside probing. I am looking for support at the $4.70 - $4.80 level on September before we resume a move higher.
I am expecting more downside in the coming weeks, providing there are no surprises in the news. We have a United States Department of Agriculture (USDA) report due on July 11 which could also impact prices.
Indicators are positive with a primary trend neutral to bullish. Solid support is now at $4.70 on the September futures while overhead resistance remains at the recent highs of $5.50 - $5.60 also on September.
Harvest 2019 prices as of the close, July 10, 2019 are as follows:
SWW @ $251.90/MT ($6.86/bu), HRW @ $261.49/MT ($7.12/bu),
HRS @ $234.14/MT ($6.37/bu), SRW @ $247.10/MT ($6.72/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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