[Farmmarketnews] Weekly GFO Grain Market Commentary

Thu Apr 30 09:10:04 EDT 2020

Ontario Grain Market Commentary for April 29, 2020
By Todd Austin, Grain Farmers of Ontario

Wednesday, April 29, 2020
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT May    3.04½   ↓ 13 cents
Soybeans CBOT May    8.31¾   ↓   3 cents
Wheat CBOT May    5.19½ ↓   23½ cents
Wheat Minn. May    4.92 ↓   11¾   cents
Wheat Kansas May    4.67¾   ↓   3¼   cents
Oats CBOT May    3.06½ ↑   3¼   cents

Canadian $ Mar    0.7202 ↑ 144 points

CORN:
As of Sunday, April 26, 2020, U.S. corn was 27% planted.   This is ahead of the five-year average; a pace that has not been seen in many years. Michigan and Ohio have planted 3% of their expected corn acreage.
With slaughterhouses closing due to the Covid-19 pandemic, domestic corn markets are shrinking in the United States. Close to two-thirds of U.S. corn goes to domestic feed markets or into ethanol production, which there is also less demand for. Corn export markets have slowed as ports back up due to worker shortages as workers are reportedly staying home to avoid contracting COVID-19.

SOYBEANS:
The USDA estimates that 8% of the expected soybean acres have been planted. Like corn, this planting pace is above the five-year average. Ohio is 2% complete, and Michigan is 4% complete.
Soybean shipments from the United States to China were 1.71 million tonnes for the month of March, up from last year’s 1.51 million tonnes. Shipments from Brazil fell from last year’s volume, though 2.1 million tonnes were shipped. The reduction was in part due to a later harvest start in Brazil and from a traditional slowdown in soybean imports at this time of the year.

WHEAT:
The USDA has rated the U.S. winter wheat crop as 54% good to excellent, a 3% drop from the previous week.
Argentina has planted its largest acreage in over a decade at 16 million acres and is expected to harvest 20.2 million tonnes of wheat this crop year. Brazil is expected to be the main importer of this Argentinian wheat crop.

2019 cash prices for April 29, 2020, at the market close, are as follows:

SWW at $270.14/mt ($7.35bu), HRW at $277.80/mt ($7.56 /bu),
HRS at $ 228.05/mt ($6.21/bu), and SRW at $270.14 /mt ($7.35/bu).

We currently offer 2020 and 2021 harvest prices as well, please call
1-800-265-0550 for more information.

---

Blair Andrews

Editor, AgriLink and Farm Market News

University of Guelph, Ridgetown Campus

Email:fmnc at uoguelph.ca

Tel. 519-674-1500 x 63577

Fax. 519-674-1530

Click on this link: farmmarketnews-unsubscribe at list.gfo.ca  to unsubscribe from this report.
This Farm Market News product is sponsored by:
Grain Farmers of Ontario

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