[Farmmarketnews] Wednesday Ontario Commodity Report and Weekly GFO Grain Market Commentary
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Wed Mar 6 15:43:28 EST 2019
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, March 6
(All Bases in CAD)
Exchange rate was 1.3422 up 0.0089
Chicago corn closed slightly lower.
MAY19 HI 3.76 1/2 DEC19 HI 3.97 3/4
LOW 3.70 1/2 LOW 3.93 1/4
CLOSE3.72 1/2 Down 3 1/4 CLOSE 3.95 Down 2 1/4
OLD CROP BASIS NEW CROP BASIS
Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt
ELEVATORS +MAY19+JUL19+JUL19
CK Low 0.85 4.58 180.11 0.80 4.75 187.00
CK High 0.95 4.68 184.05 0.90 4.85 190.94
CK Avg 0.92 -0.27 4.64 182.73 0.86 -0.36 4.81 189.30
Essex Cty 0.95 4.68 184.05 0.85 4.80 188.97
Mdsx Low 0.90 4.63 182.08 0.80 4.75 187.00
Mdsx High 0.95 4.68 184.05 0.85 4.80 188.97
Mdsx Avg 0.93 -0.26 4.65 183.06 0.83 -0.38 4.78 187.98
Hensall 0.93 4.65 183.06 0.83 4.78 187.98
Bruce 0.90 4.63 182.08 0.80 4.75 187.00
Putnam 0.95 4.68 184.05 0.85 4.80 188.97
Burford 0.90 4.63 182.08 0.80 4.75 187.00
Port Perry 0.85 4.58 180.11 0.80 4.75 187.00
Norfolk 0.95 4.68 184.05 0.85 4.80 188.97
Palmerston 0.90 4.63 182.08 0.85 4.80 188.97
Varna 0.90 4.63 182.08 0.80 4.75 187.00
Trenton 0.90 4.63 182.08 0.85 4.80 188.97
Winchester 1.05 4.78 187.98 1.15 5.10 200.78
North Gower 1.05 4.78 187.98 1.13 5.08 199.99
Huron FOB 1.20 4.93 193.89 0.90 4.85 190.94
Kent FOB 1.25 4.98 195.86 0.90 4.85 190.94
Lamb FOB 1.32 5.05 198.61 0.98 4.93 194.09
Mdsx FOB 1.25 1.25 1.30N/A 4.98 195.86 0.95 4.90 192.90
FOB SW Que 1.69 5.42 213.18 1.19 5.14 202.35
Track 1.43 5.15 202.75N/A
PROCESSORS
Chat-Eth N/A N/A N/A N/A 1.11 5.06 199.20
Jhnstwn-Eth N/A N/A N/A N/A 1.31 5.26 207.08
Aylmer-Eth N/A 1.54 1.51 1.54 1.15 5.10 200.78
Sarn-Eth 1.35 1.40N/A N/A 5.08 199.79N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A N/A N/A 1.15 5.10 200.78
Pt.Colb-Ing N/A N/A N/A N/A N/A
Cardnl-Ing N/A N/A N/A 1.55 1.30 5.25 206.68
W O Feed 1.58 5.31 208.93
US Rep 1.83 5.56 218.69
Toledo El. -0.11 3.62 142.42 -0.27 3.68 144.96
TRANSFER
Port ColbornN/A 1.15 5.10200 7/9
MID SD CRN 0.90 1 4.62 1/2
HI SD CRN 0.95 4.67 1/2
*Wet Bid
Exchange rate was 1.3422 up 0.0089
Chicago soybeans closed slightly lower.
MAY19 HI 9.16 1/4 NOV19 HI 9.50
LOW 9.01 LOW 9.36
CLOSE9.02 Down 11 3/4 CLOSE 9.36 3/4 Down 11 1/2
OLD CROP NEW CROP
Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt
ELEVATORS +MAY1+MAY1+JUL19
CK Low 2.10 11.12 408.592.25 11.62 426.87
CK High 2.20 11.22 412.262.25 11.62 426.87
CK Average 2.15 -0.7011.17 410.432.25 -0.6911.62 426.87
Essex Cty 2.20 11.22 412.262.25 11.62 426.87
Mdsx Low 2.15 11.17 410.432.25 11.62 426.87
Mdsx High 2.24 11.26 413.732.29 11.66 428.34
Mdsx Average 2.20 -0.6611.22 412.082.27 -0.6811.64 427.60
Hensall 2.15 11.17 410.432.25 11.62 426.87
Bruce 2.15 11.17 410.432.25 11.62 426.87
Putnam 2.15 11.17 410.432.25 11.62 426.87
Burford 2.24 11.26 413.732.29 11.66 428.34
Port Perry 2.20 11.22 412.262.25 11.62 426.87
Norfolk 2.15 11.17 410.432.25 11.62 426.87
Palmerston 2.15 11.17 410.432.35 11.72 430.54
Varna 2.15 11.17 410.432.25 11.62 426.87
Trenton 2.10 11.12 408.592.25 11.62 426.87
Winchester 2.11 11.13 408.962.29 11.66 428.34
North Gower 2.07 11.09 407.492.39 11.76 432.01
Huron FOB 2.30 11.32 415.942.40 11.77 432.38
Kent FOB 2.35 11.37 417.782.25 11.62 426.87
Lambton FOB 2.50 11.52 423.292.45 11.82 434.22
Middlesex FOB2.49 2.49 2.53 2.49 11.51 422.922.53 11.90 437.16
PROCESSORS
Windsor 2.78 N/A N/A N/A 11.80 433.582.67 12.04 442.30
TRANSFER
Hamilton 2.65 11.67 428.802.75 12.12 445.24
Prescott N/A 2.75 12.12 445.24
Port Colborne N/A 2.76 12.13 445.61
Toledo El. -0.56 8.46 310.72-0.67 8.70 319.59
Exchange rate was 1.3422 up 0.0089
Chicago wheat closed moderately lower to lower.
MAY19 HI 4.64 1/4 JUL19 HI 4.69 3/4
LOW 4.49 1/4 LOW 4.54 3/4
CLOSE 4.50 Down 12 3/4 CLOSE 4.55 1/2 Down 12 1/2
Minni wheat closed slightly lower.
MAY19 HI 5.56 3/4 SEP19 HI 5.65 1/2
LOW 5.50 1/4 LOW 5.60 1/4
CLOSE 5.53 Down 2 1/2 CLOSE 5.61 3/4 Down 3 1/2
GFO Cash Wheat Prices - DEL Terminal
Harvest 18 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.54 1.61 1.41 0.95
CAD $/bu 6.04 6.11 5.91 6.48
CAD $/tonne 221.93 224.39 217.00 238.20
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 1.15 N/A N/A N/A 1.15 N/A
London 1.35 1.69 1.22 N/A 1.41 1.61 1.21 N/A
Hensall 1.30 N/A 1.15 N/A 1.40 N/A 1.15 N/A
Trenton N/A N/A N/A N/A N/A N/A 1.20 N/A
Bruce 1.25 1.55 1.15 N/A 1.40 1.45 1.15 1.00
Essex N/A N/A 1.15 N/A N/A N/A 1.10 N/A
Norwich 1.30 N/A 1.15 N/A 1.40 N/A 1.15 N/A
Port Hope N/A N/A 1.15 N/A N/A 1.30 1.20 N/A
Kent Bridge 1.30 N/A 1.15 N/A 1.40 N/A 1.15 N/A
Chatham N/A N/A 1.15 N/A N/A N/A 1.15 N/A
Brigden N/A N/A 1.15 N/A N/A N/A 1.15 N/A
Palmerston N/A 1.55 1.10 1.00 N/A 1.54 1.24 1.00
Varna 1.25 1.55 1.15 N/A 1.40 1.45 1.15 N/A
Mitchell 1.30 1.30 1.15 N/A 1.40 1.40 1.15 N/A
Thornton N/A N/A N/A 0.73 N/A N/A N/A N/A
North Gower N/A 1.45 1.31 0.65 N/A 1.67 1.48 0.75
W O Feed 1.68
TERMINAL
Port Colbor N/A N/A N/A N/A 1.77 1.97 1.57 N/A
PROCESSORS
Toledo FM N/A N/A 1.74 N/A N/A N/A 1.68 N/A
Toledo El. 4.40US 5.91CA 4.41US 5.90CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 19 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.61 1.68 1.48 0.90
CAD $/bu 6.17 6.23 6.03 6.52
CAD $/tonne 226.63 229.09 221.71 239.55
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 463.09
DDG's FOB Srn & Aylm 180.00
---
Ontario Grain Market Commentary for March 6, 2019
By Marty Hibbs, Grain Farmers of Ontario
Futures Prices as of close, March 6, 2019
Commodity Period Price Weekly Movement
Corn CBOT May 3.72 ↓ 01 cents
Soybeans CBOT May 9.02 ↓ 14 cents
Wheat CBOT May 4.50 ↓ 15 cents
Wheat Minn. May 5.53 ↓ 01 cents
Wheat Kansas May 4.38 ↓ 14 cents
Oats CBOT May 2.69 ↑ 03 cents
Canadian $ Mar 0.7450 ↓ 1.55 points
Corn:
Corn had a volatile week with the move down to the $3.65 level on the May contract before rebounding a dime to the $3.75 level. It is too early to tell if this area will hold. The weekly charts suggest we could see a price stamp closer to the $3.50 level before the intermediate trend line is challenged. There is a good possibility that the expiration of the March contract may lead us to another move lower before the blowout is exhausted.
The intermediate indicators are neutral to bullish, but the primary trend remains down.
Soybeans:
As suggested last week, the May soybean contract did challenge the $9 level once again. The $9 - $10 range in soybeans will continue until there is a reason to break out of this trading zone.
Short-term indicators are now neutral while the primary trend remains down. The support line is still at $9 on the May futures and resistance is near the $9.50 level.
Wheat:
We suggested that there would be a blow-out in prices on the wheat futures in our last commentary. The indictors suggested we could see a price stamp on the March contract as low as $4.25 - $4.35 before the expiration of that contract. To date, we have managed to reach $4.45 on March and there is still a chance we may still see that lower target area reached. The more important indicator would be to see a significant rally in the month of March on the other contract months. This could signal a potential bottoming formation. Repeating last week’s comments, I strongly recommend that you try not to pick the bottom in this kind of a market.
May support is still seen at the $4.50 level; however, that level will depend a lot on the close out of the March futures contract in the days leading up to expiration near mid-March. Overhead resistance is now back at $5.
Short-term indicators are still negative, but as of this writing the longer term neutral to bullish indicators are still intact.
Cash Grain prices as of the close, March 6, 2019 are as follows:
SWW @ $221.91/MT ($6.04/bu), HRW @ $224.38/MT ($6.11/bu),
HRS @ $238.18/MT ($6.48/bu), SRW @ $216.98/MT ($5.91/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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