[Farmmarketnews] Weekly GFO Grain Market Commentary

[Farm Market News - Ontario Commodity Report]

Ontario Grain Market Commentary for February 26, 2020
By Todd Austin, Grain Farmers of Ontario

Wednesday, February 26, 2020
COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT Mar     3.70½ ↓ 10 cents
Soybeans CBOT Mar     8.81 ↓ 16¼ cents
Wheat CBOT Mar     5.40¼ ↓ 22¼ cents
Wheat Minn. Mar     5.15¼ ↓ 21 cents
Wheat Kansas Mar     4.52¾ ↓   34½ cents
Oats CBOT Mar     2.78¾ ↓   2¼ cents

Canadian $ Mar    0.7512 ↓    48 points


CORN:
The U.S. Department of Agriculture (USDA) is projecting 94.5 million acres of corn to be planted in the U.S. in 2020.  Based on previous trends, the corn crop is estimated to be 15.5 billion bushels, assuming the normal planting progress as well as favorable growing conditions. Demand is also expected to increase although carryout is estimated to be 2.7 billion bushels, an increase of 745 million from the USDA’s most recent estimate of the 2019 crop year ending stocks.

SOYBEANS:
The USDA has outlined their 2020 soybean estimates. They are predicting 84 million acres of soybeans planted in 2020.  Soybean yield is forecast to be 49.8 bushels which will mean a production total of 4.2 billion bushels, an 18% increase from the previous year.
Expectations are that China will increase their purchases of U.S. soybeans during the 2020 crop year. The USDA is projecting ending stocks at 320 million bushels, down 105 million bushels from the 2019 ending stocks estimate.

WHEAT:
The total wheat area for the U.S. is estimated to be 45 million acres in 2020. Winter wheat plantings tallied in at 30.8 million acres, signaling that the spring wheat acres are projected to be 14.2 million. According to the USDA, saturated soils in the northern Plains may limit spring wheat plantings, attributing to the low acreage estimates provided. Ending stocks are estimated to be 777 million bushels. This would be the lowest carryout since the 2014/2015 season.

2019 cash prices for February 26, 2020, at the market close, are as follows:

SWW at $274.06/mt ($7.46/bu), HRW at $281.39/mt ($7.66/bu),
HRS at $237.37/mt ($6.46/bu), and SRW at $274.06/mt ($7.46/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





-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.sentex.ca/pipermail/farmmarketnews/attachments/20200226/bcbb9108/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: wheatcom.pdf
Type: application/pdf
Size: 722079 bytes
Desc: wheatcom.pdf
URL: <http://lists.sentex.ca/pipermail/farmmarketnews/attachments/20200226/bcbb9108/attachment-0001.pdf>