Wednesday  July 18. 2012 



Commodity
Period
Price  
Weekly Movement - Thursday to Friday
 
 
 
 
 
 
 
 
Corn CBOT
Sep
7.9000
?
45.00
cents
Soybeans CBOT
Aug
16.8350
?
86.00
cents
Wheat CBOT
Sep
8.9725
?
36.75
cents
Wheat Minn.
Sep
9.9500
?
41.00
cents
Wheat Kansas
Sep
9.0600
?
59.00
cents
 
 
 
 
 
 
Canadian $
Sep
0.9803
?
44.00
points
The IMF in its latest World Economic Outlook report indicated that it cut its 2013 global growth forecast as EU’s debt crisis extends Spain’s recovery rate and slows growth in emerging markets like China and India. Global growth is pegged at 3.9% next year, less than the 4.1% estimate in April. US retail sales fell for a third month in June as limited employment growth put pressure on consumer consumption. The 0.5% drop followed a 0.2% decrease in May according to the Commerce Department in Washington. Meanwhile, the TSX enjoyed gains fueled by energy and financial shares, boosted mainly by higher oil prices but worries about the US and EU economies limited gains.
CORN 
Corn rose in Chicago after early losses to extend its biggest rally since 2008, climbing by mere 50% during this summer sprint triggering the worst drought in 56 years. Ontario farmers are taking stock of their dried crops after scattered rainfall over the past few days, but more rain is needed to avoid a come-to-grief crop.
SOYBEANS
Soybeans rose in Chicago fueled by persistent dry hot weather conditions. Soybean rally amounts to nearly 30% this summer. Cash prices have also moved higher with the spot August contract due to tight supplies. Iran recently lifted its embargo on imports of grains and oilseeds and is estimated to import about 180,000 metric tons in the June-August period according to Oil World.


WHEAT
Wheat rose in Chicago erasing its earlier losses and headed in sync with corn and soybeans. Since last week, wheat has gained over 13% and continues to climb. Concerns about damage to the crop in key growing areas of the Black Sea region also contributed to the strength in futures market. The dry weather conditions are affecting countries like Kazakhstan and Russia as well as France through rain delays. 
Contract prices for July 18th 2012 at 4pm, are as follows:
SWW at $300.85 per tonne ($8.19/bu.), HRW at $315.76 per tonne ($8.59 /bu.),
HRS at $303.65 per tonne ($8.26/bu.), and SRW at $287.81 per tonne ($7.83/bu.).
       Ontario Grain Market Commentary for July 18, 2012
       By Ahmed Chilmeran, Grain Farmers of Ontario