Wednesday June 15, 2011



Commodity
Period
Price  
Weekly Movement




Corn CBOT
July
7.25 ¾                 
?
32 ½          
cents
Soybeans CBOT
July
13.68        
?
18 ¼           
cents
Wheat CBOT
July 
7.08 ½          
?
50 ¾      
cents
Wheat Minn.
July 
9.37         
?
68 ½        
cents
Wheat Kansas
July 
8.19 ¼         
?
72 ¼       
cents
 
 
 


 
Canadian $
Jun. 
1.0176   
?
82 
points
CORN
Corn planting has finally caught up with the five-year average pace and emergence trails the average by only 5 percentage points, according to USDA's Crop Progress report for the week ended June 12. The U.S. Agriculture Department reported late Monday that 69 percent of the corn crop was in good-to-excellent condition and 31 percent was in fair-to-very-poor condition. At this time in 2010, 77 percent of the crop was in good-to-excellent condition and 23 percent was in fair-to-very-poor condition.
Corn prices have rallied above wheat on international futures exchanges for the first sustained period since 1996. Over the past week and a half, since the recent USDA World Agricultural Supply and Demand Estimates (WASDE) report was released, corn has remained on top for the first continuous period since the mid 1990’s.
 
SOYBEANS
An estimated 87 percent of soybeans were planted, compared with the average of 89 percent in the previous five years. The soybean acreage forecasts were not changed in the June WASDE report. The market's attention will now turn more to yield prospects. 
The markets are focusing on rapid planting progress and improving crop conditions. For the most part, those prospects will be based on the USDA's weekly estimates of crop conditions. The June 30 USDA Acreage and Grain Stocks reports will provide additional price direction.
Palm oil advanced after a recent slump in prices widened the discount to soybean oil to the highest in almost three years, increasing the appeal of the tropical oil for food uses. These discounts would potentially result in price-sensitive countries shifting away from soy oil and back to palm oil.
WHEAT
Spring wheat planting lagged the five-year average, due to delays caused by rain and cool weather, especially in Montana and North Dakota. About 68 percent was in good-to-excellent condition, compared with 86 percent at this time in 2010.
On Tuesday, the CWB said between 2.4 and 3.2 million hectares of farmland is still unseeded across the Prairies this year due to wet weather. The wheat board is estimating production of all wheat at 20.3 million tonnes, which is below the five-year average of 22.4 million tonnes.

Harvest contract prices for June 15, 2011 at the close of markets are as follows:
SWW at $244.90 per tonne ($6.67/bu.), SRW at $237.68 per tonne ($6.47 /bu.), HRW at $268.37 per tonne ($7.30 /bu.), and HRS at $328.58 per tonne ($8.94 /bu.).

       Ontario Grain Market Commentary for June 15, 2011
       By Todd Austin, Grain Farmers of Ontario