Wednesday April 4, 2012



Commodity
Period
Price  
Weekly Movement - Wednesday to Friday
 
 
 
 
 
 
 
 
Corn CBOT
May
6.5825
?
18.25
cents
Soybeans CBOT
May
14.1675
?
4.75
cents
Wheat CBOT
May
6.5800
?
13.75
cents
Wheat Minn.
May
8.5025
?
24.25
cents
Wheat Kansas
May
6.9000
?
22.25
cents
 
 
 
 
 
 
Canadian $
June
1.0078
?
58.00
points
The TSX was sharply lower Tuesday as the latest report on US factory orders were below estimates. The TSX continued to slip on Wednesday on lower commodity prices and continued worries over the central bank’s stimulus measures are not forthcoming from the US. Royal Bank of Canada will pay $1.1 billion in cash to buy the remaining half of RBC Dexia, an advisory institution to pension funds and institutional investors. Air Canada shares fell 6% Tuesday as Moody cut the Montreal based airline's credit rating, highlighting the possibility that the airline could default on its debt obligations. The US auto sector rose more than 15% based on preliminary March data with Chrysler leading the growth in sales by 34% supported by increasing consumer confidence and cheap financing. Meanwhile, EU unemployment almost reached a 15 year high in February with jobless rate of 10.8% while the manufacturing sector continues to shrink for the eighth successive month.
CORN
Corn rose in Chicago for the third consecutive trading day on worries that supplies will run thin before harvest replenishes storage bins and grain elevators. December corn also rose, but gains were muted on expectations that farmers will plant the largest area in 75 years as speculated earlier by the USDA, setting the stage for what could be a record harvest in the fall.
SOYBEANS
Soybean rose in Chicago due mainly to strength in the corn market. However, palm oil a substitute to soybean in many ways rallied for a second day to the highest level in more than a year on concern that US farmers will plant fewer soybeans this year. India, Asia’s biggest supplier of soybean meal, barred commodity exchanges from offering new contracts in soybeans to curb speculation and minimize volatility in the market after futures posted the biggest monthly gain in more than three years in March. 

WHEAT
Wheat fell in Chicago on improved crop prospects, European wheat fell as well but over weather concerns. US winter wheat crop is in better shape than it was at this time last year according to the USDA as warm temperatures and ample rainfall in March benefited plants in the southern and central Great Plains. Almost 60% percent of the wheat was rated good or excellent compared to 21% a year earlier.
Contract prices for April 4th, 2012 at noon, are as follows:
SWW at $236.27 per tonne ($6.43/bu.), HRW at $265.43 per tonne ($7.22 /bu.),
HRS at $291.78 per tonne ($7.94 /bu.), and SRW at $241.73 per tonne ($6.58 /bu.).
       Ontario Grain Market Commentary for April 4, 2012
       By Ahmed Chilmeran, Grain Farmers of Ontario