Wednesday November 2, 2011



Commodity
Period
Price  
Weekly Movement Wednesday to Friday
 
 
 
 
 
 
 
 
Corn CBOT
Dec.
6.450
?
8.00
cents
Soybeans CBOT
Nov.
11.935
?
32.75
cents
Wheat CBOT
Dec. 
6.235
?
20.00
cents
Wheat Minn.
Mar
8.645
?
3.00
cents
Wheat Kansas
Dec.
7.130
?
22.75
cents
 
 
 
 
 
 
Canadian $
Dec. 
0.985
?
197.00
points
After EU leaders agreed last week on measures to help Greece stabilize the euro, the Greek prime minister stunned fellow euro zone partners earlier and shook financial markets by calling a referendum on the formerly planned 178 billion euro bailout package and 50% write-down on debt. The ongoing turmoil could potentially lead to an early government election in Greece which in turn will further destabilize markets as more Greek politics trickle to the already volatile global economy. The Canadian dollar drifted higher against its US counterpart on Wednesday, while Canada’s Office of the Parliamentary Budget Officer is predicting slower economic growth and higher unemployment than the Harper government and noted that the national budget probably won't be balanced until 2016-17 at the earliest.
CORN
Corn gained in Chicago amid speculation of lower production in Mexico, the world’s second- largest importer of corn will lift imports and add to tightening supplies. According to the USDA, world corn stocks are forecast to fall as rising consumption outpaces production. FCStone estimated the national corn yield at 148.4 bu/acre down 0.3 bu/acre from last month but still above USDA’s number. 
 SOYBEANS
The US soybean market, the world’s largest grower and exporter will harvest 3.109 billion bushels according to the recent FCStone forecast, lowering its forecast from 3.157 billion bushels last month. The latest estimate compares with the USDA’s forecast of 3.06 billion bushels on October 1st. Soybean harvest in Ontario continues thanks to dryer weather conditions.

WHEAT
Wheat futures slipped amidst speculation of wheat production totalling 688.7 million metric tons this year, a 1.1% increase over the most recent USDA estimate according to Informa Economics Inc., an agriculture research company. Chicago wheat futures for December delivery dropped 1.1% to $6.23/bu.

Harvest contract prices for November 2, 2011 at close, are as follows:
SWW at $221.45 per tonne ($6.03/bu.), SRW at $221.45 per tonne ($6.03/bu.),
HRW at $255.03 per tonne ($6.94 /bu.), and HRS at $330.04 per tonne ($8.98 /bu.).
       Ontario Grain Market Commentary for November 2, 2011
       By Ahmed Chilmeran, Grain Farmers of Ontario