Wednesday August 3, 2011



Commodity
Period
Price  
Weekly Movement




Corn CBOT
Sept
7.06    
?
14 ½   
cents
Soybeans CBOT
Sept
13.60 ½     
?
15 ¼      
cents
Wheat CBOT
Sept 
7.10 ½     
?
19    
cents
Wheat Minn.
Sept 
8.44 ¾      
?
6 ¼ 
cents
Wheat Kansas
Sept 
8.08  
?
19 ¾   
cents
 
 
 


 
Canadian $
Sept. 
 1.0377
?
140 
points
CORN
Corn futures rallied on renewed concerns about hot weather reducing the size of the U.S. corn harvest. This sparked fears of tightening grain supplies, which drove corn and wheat prices higher on the CBOT. 
Commodity brokerage firm INTL FC Stone estimated the U.S. corn production at 13.002 billion bushels, with an average yield of 153.2 bushels per acre. This figure compares with the USDA corn production forecast of 13.470 billion bushels and an average yield of 158.7 bushel per acre.
SOYBEANS
A Bloomberg News survey showed that soybean demand from China may climb, as consumption by the hog industry increases, boosting processing profits and imports. Crushing will likely expand as high pork prices and government subsidies prompt farmers to boost pig production. 
About 60 percent of the U.S. soybean crop, in the top 18 producing stats, was in good to excellent conditions as of July 31, down from 62 percent a week earlier.
WHEAT
Wheat slipped from a two-week top as renewed fears about the health of the global economy pressured commodity markets, including oil and industrial metals. Confirmation of a last-gasp deal to avoid default by the United States failed to bring any relief, as investors focused on worries that the major economies could slip back into recession amid weak data and Europe’s potential debt crisis.
Traders are concerned that rising Russian exports may curb demand for wheat supplies from the United States.  Interfax reported that Russia may export 20 million to 25 million tonnes of grain this season and may ship as much as 5 million tonnes of wheat to Egypt.
Harvest contract prices for August 3, 2011 at the close of the market, are as follows:
SWW at $256.79 per tonne ($6.99 /bu.), SRW at $242.63 per tonne ($6.60 /bu.), HRW at $278.03 per tonne ($7.57 /bu.), and HRS at $302.54 per tonne ($8.23 /bu.).
       Ontario Grain Market Commentary for August 3, 2011
       By Todd Austin, Grain Farmers of Ontario