[Farmmarketnews] Wednesday Ontario Commodity Report
Farm Market News - Ontario Commodity Report
farmmarketnews at lists.sentex.ca
Wed Mar 27 15:26:06 EDT 2019
FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, March 27
(All Bases in CAD)
Exchange rate was 1.3376 up 0.0024
Chicago corn closed slightly lower.
MAY19 HI 3.77 DEC19 HI 3.99 3/4
LOW 3.72 LOW 3.96
CLOSE3.73 3/4 Down 3 1/2 CLOSE 3.98 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 1.00 4.74 186.51 0.90 4.88 192.12
CK High 1.00 4.74 186.51 0.90 4.88 192.12
CK Avg 1.00 -0.20 4.74 186.51 0.90 -0.33 4.88 192.12
Essex Cty 1.00 4.74 186.51 0.90 4.88 192.12
Mdsx Low 1.00 4.74 186.51 0.90 4.88 192.12
Mdsx High 1.00 4.74 186.51 0.90 4.88 192.12
Mdsx Avg 1.00 -0.20 4.74 186.51 0.90 -0.33 4.88 192.12
Hensall 1.00 4.74 186.51 0.90 4.88 192.12
Bruce 1.00 4.74 186.51 0.90 4.88 192.12
Putnam 1.00 4.74 186.51 0.90 4.88 192.12
Burford 1.00 4.74 186.51 0.90 4.88 192.12
Port Perry 0.95 4.69 184.54 0.90 4.88 192.12
Norfolk 1.00 4.74 186.51 0.90 4.88 192.12
Palmerston 0.95 4.69 184.54 0.85 4.83 190.15
Varna 1.00 4.74 186.51 0.90 4.88 192.12
Trenton 0.95 4.69 184.54 0.85 4.83 190.15
Winchester 1.05 4.79 188.48 1.15 5.13 201.96
North Gower 1.10 4.84 190.44 1.18 5.16 203.14
Huron FOB 1.25 4.99 196.35 0.90 4.88 192.12
Kent FOB 1.30 5.04 198.32 0.95 4.93 194.09
Lamb FOB 1.32 5.06 199.10 1.00 4.98 196.05
Mdsx FOB 1.35N/A N/A N/A 5.09 200.29 0.95 4.93 194.09
FOB SW Que 1.68 5.42 213.28N/A
Track 1.43 5.16 203.24N/A
PROCESSORS
Chat-Eth N/A N/A N/A N/A 1.20 5.18 203.93
Jhnstwn-Eth N/A N/A N/A N/A 1.33 5.31 209.05
Aylmer-Eth N/A N/A 1.60 1.60 1.15 5.13 201.96
Sarn-Eth N/A N/A 1.40 1.40 N/A
Kawartha N/A N/A N/A N/A N/A
London-Ing N/A N/A N/A N/A 1.20 5.18 203.93
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 5.33 209.83
W O Feed 1.61 5.35 210.60
US Rep 1.87 5.61 220.76
Toledo El. -0.09 3.64 143.45 -0.27 3.71 146.15
TRANSFER
Port ColbornN/A 1.15 5.13202
MID SD CRN 1.00 4.73 3/4
HI SD CRN 1.00 4.73 3/4
*Wet Bid
Exchange rate was 1.3376 up 0.0024
Chicago soybeans closed slightly to moderately lower.
MAY19 HI 9.00 3/4 NOV19 HI 9.34
LOW 8.86 LOW 9.20 3/4
CLOSE8.87 1/2 Down 13 1/4 CLOSE 9.23 1/4 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 2.15 11.03 405.102.19 11.42 419.71
CK High 2.25 11.13 408.772.30 11.53 423.75
CK Average 2.22 -0.5811.10 407.792.26 -0.6411.49 422.15
Essex Cty 2.30 11.18 410.612.25 11.48 421.91
Mdsx Low 2.23 11.11 408.042.23 11.46 421.17
Mdsx High 2.25 11.13 408.772.25 11.48 421.91
Mdsx Average 2.24 -0.5711.12 408.412.24 -0.6611.47 421.54
Hensall 2.25 11.13 408.772.25 11.48 421.91
Bruce 2.25 11.13 408.772.25 11.48 421.91
Putnam 2.25 11.13 408.772.25 11.48 421.91
Burford 2.24 11.12 408.412.06 11.29 414.93
Port Perry 2.19 11.07 406.572.19 11.42 419.71
Norfolk 2.25 11.13 408.772.25 11.48 421.91
Palmerston 2.15 11.03 405.102.25 11.48 421.91
Varna 2.25 11.13 408.772.25 11.48 421.91
Trenton 2.20 11.08 406.942.25 11.48 421.91
Winchester 2.13 11.01 404.362.25 11.48 421.91
North Gower 2.12 11.00 404.002.39 11.62 427.05
Huron FOB 2.35 11.23 412.452.35 11.58 425.58
Kent FOB 2.40 11.28 414.292.25 11.48 421.91
Lambton FOB 2.50 11.38 417.962.45 11.68 429.26
Middlesex FOB2.29 2.36 2.44 2.43 11.17 410.242.36 11.59 425.95
PROCESSORS
Windsor 2.75 11.63 427.152.60 11.83 434.77
TRANSFER
Hamilton 2.65 11.53 423.472.70 11.93 438.44
Prescott N/A 2.55 11.78 432.93
Port Colborne N/A 2.70 11.93 438.44
Toledo El. -0.56 8.31 305.46-0.67 8.56 314.66
Exchange rate was 1.3376 up 0.0024
Chicago wheat closed slightly higher.
MAY19 HI 4.71 3/4 JUL19 HI 4.76 3/4
LOW 4.66 1/2 LOW 4.71 3/4
CLOSE 4.69 1/2 Up 1/4 CLOSE 4.75 Up 1/2
Minni wheat closed slightly higher.
MAY19 HI 5.68 3/4 SEP19 HI 5.72 1/4
LOW 5.63 1/4 LOW 5.68 1/2
CLOSE 5.67 3/4 Up 1/2 CLOSE 5.71 1/2 Up 1 1/4
GFO Cash Wheat Prices - DEL Terminal
Harvest 18 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.59 1.65 1.45 0.98
CAD $/bu 6.28 6.35 6.15 6.66
CAD $/tonne 230.75 233.21 225.84 244.64
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 1.25 N/A
London 1.38 1.71 1.24 N/A 1.45 1.65 1.25 N/A
Hensall 1.40 N/A 1.25 N/A 1.50 N/A 1.25 N/A
Trenton N/A N/A N/A N/A N/A N/A 1.30 N/A
Bruce 1.25 1.75 1.25 N/A 1.40 1.65 1.25 1.00
Essex N/A N/A 1.25 N/A N/A N/A 1.25 N/A
Norwich 1.35 N/A 1.20 N/A 1.45 N/A 1.20 N/A
Port Hope N/A N/A 1.25 N/A N/A 1.55 1.25 N/A
Kent Bridge 1.40 N/A 1.25 N/A 1.50 N/A 1.25 N/A
Chatham N/A N/A 1.25 N/A N/A N/A 1.25 N/A
Brigden N/A N/A 1.25 N/A N/A N/A 1.25 N/A
Palmerston N/A 1.65 1.10 1.10 N/A 1.53 1.18 1.00
Varna 1.45 1.75 1.25 N/A 1.40 1.65 1.25 N/A
Mitchell 1.40 1.45 1.25 N/A 1.50 1.60 1.25 N/A
Thornton N/A N/A N/A 0.80 N/A N/A N/A N/A
North Gower N/A 1.50 1.41 0.80 N/A 1.98 1.57 0.95
W O Feed 1.70
TERMINAL
Port Colbor N/A N/A N/A N/A 1.79 1.99 1.59 N/A
PROCESSORS
Toledo FM N/A N/A 1.79 N/A N/A N/A 1.74 N/A
Toledo El. 4.65US 6.21CA 4.60US 6.15CA
GFO Contract Wheat Prices - DEL Terminal
Harvest 19 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)
Basis 1.67 2.00 1.54 1.06
CAD $/bu 6.42 6.75 6.29 6.78
CAD $/tonne 235.91 248.20 231.00 248.94
(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange
FEED GRAINS
FOB Hm Soymeal 462.32
DDG's FOB Srn & Aylm 205.00
Futures Prices as of close, March 27, 2019
Commodity Period Price Weekly Movement
Corn CBOT May 3.74 ↑ 04 cents
Soybeans CBOT May 8.88 ↓ 15 cents
Wheat CBOT May 4.70 ↑ 06 cents
Wheat Minn. May 5.70 ↑ 00 cents
Wheat Kansas May 4.45 ↓ 07 cents
Oats CBOT May 2.70 ↓ 06 cents
Canadian $ Jun 0.7475 ↓ 0.75 points
Corn:
Corn had a positive week on the charts and it looks like we may attempt to challenge the all-important $3.80 - $3.90 range in the near future. A close above the $3.90 level on the May futures should set us up for an attempt at a solid resistance line and a shot at the $4 level. The wave count on the weekly chart supports something as insane as a short covering rally that could push us into the $4.20 - $4.40 area. This is not to say that it is going to happen, but the charts have well defined targets and if we were to get some sort of a surprise in the coming weeks, the short covering by the funds could catapult prices much higher than most would anticipate.
For now, the support is seen at the $3.50 level and overhead resistance is pegged at $4.85. The intermediate indicators are neutral to mildly bullish, but the primary trend remains down.
Soybeans:
The May soybean contract traded below our $9 floor and looks weaker than its counterparts. To review, short-term indicators are negative, while the intermediate indicators are neutral, and the primary or long-term trend remains down as it has been since 2013. The support line is 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:
We are very content with our call on the wheat market as we saw our washout on the May contract dropping from the $4.90 level on the May futures to $4.25 in the last two weeks. What is more impressive was the quick rebound that we were looking for as 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 be derailed with any significant news in the coming week.
May 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. Indicators have not yet confirmed my bullish outlook as they show mixed signals on the short-term indicators, which have been negative since February 15 of this year. The intermediate indicators remain neutral and the long term or primary indicators are still neutral to bullish.
Marty Hibbs, Grain Farmers of Ontario
Cash Grain prices as of the close, March 27, 2019 are as follows:
SWW @ $230.72/MT ($6.28/bu), HRW @ $233.18/MT ($6.35/bu),
HRS @ $244.72/MT ($6.66/bu), SRW @ $225.80/MT ($6.15/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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