Wednesday August 22, 2012 



Commodity
Period
Price  
Weekly Movement - Thursday to Friday
 
 
 
 
 
 
 
 
Corn CBOT
Sep
8.3050
?
32.00
cents
Soybeans CBOT
Sep
17.4525
?
109.25
cents
Wheat CBOT
Sep
8.9700
?
19.25
cents
Wheat Minn.
Sep
9.4025
?
5.50
cents
Wheat Kansas
Sep
9.0525
?
19.50
cents
 
 
 
 
 
 
Canadian $
Sep
1.0087
?
23.00
points
Retail sales in Canada fell in June, settling below expectations with buyers becoming more cautious of the rising loonie. Cross border shopping continues to the US, hitting a record high with more duty-free exemptions. TSX also fell following the drop in retail sales. Meanwhile, Statistics Canada says Prairie farmers are expecting record canola this year, as well as increases in wheat and barley. Production is expected to hit 15.2 million tonnes of canola — surpassing the record of 14 million tonnes set in 2011. Wheat production is expected to reach 24.8 million tonnes in 2012, up 9.7% from 22.6 million tonnes in 2011. Barley production on the Prairies is anticipated to rise 23.8% to 9 million tonnes.
Corn
Corn rose in Chicago following rainfall the past week. Many regions received rain varying between 3 to 6 inches. Niagara and north London were one of the isolated spots that did not receive rain and crops were very poor. Great Lakes Grain (GLG) held its 3rd annual Crop Assessment Tour across its trading partners in Southwestern Ontario. Although with high variability, corn yield averaged 138 bu/acre in a total sample of 31 growing sites.
Soybeans
Soybeans rose in Chicago following rainfall the past week. Although re-flowering is not likely to occur, producers still value the rain. In some areas the top pods of Soybeans have sprouted due to prolonged stress. There are Soybeans in the London area ready to harvest next week and the majority in the province will be early. Great Lakes Grain (GLG) held its 3rd annual Crop Assessment Tour across its trading partners in Southwestern Ontario. Soybean yield averaged 44.5 bu/acre from a total sample of 31 growing sites. The crop showed less variability compared to corn.



WHEAT
Wheat rose in Chicago on improved weather conditions. Canadian farmers are anticipating a good crop performance this year relative to producers south of the border.  The majority of the spring wheat crop has been harvested with areas of sprouting, some as high as 10%. Winter wheat yields were ranging between 90 to 110 bu/acre. Protein was low, with only around 10% of the hard red winter crop making protein. The spring crop is also low in protein. 
Contract prices for August 22nd, 2012 at 3pm, are as follows:
SWW at $313.63 per tonne ($8.54/bu.), HRW at $322.72 per tonne ($8.78 /bu.),
HRS at $314.81 per tonne ($8.57/bu.), and SRW at $300.89 per tonne ($8.19/bu.).
       Ontario Grain Market Commentary for August 22, 2012
       By Ahmed Chilmeran, Grain Farmers of Ontario