Wednesday May 15, 2013 



Commodity
Period
Price
Weekly Movement
 
 
 
 
 
 
 
 
Corn CBOT
July
6.50 ¾  
? 
 17 ¾   
cents
Soybeans CBOT
July
14.12 ¾  
 ?
  22
cents
Wheat CBOT
July
6.93 ¾ 
 ?
 12 ¼ 
cents
Wheat Minn.
July
8.03 ¾  
 ?
 12 ½ 
cents
Wheat Kansas
July
7.51 ¾   
 ?
   20 
cents
 
 
 
 
 
 
Canadian $
June
0.9824
 ?
 140
points

CORN
The planting pace of corn in the US is at its slowest for this point in the year dating back to the 1980’s. The cold and wet start to spring has delayed planting such that recent data shows the US farmer has planted 28 percent of the intended corn crop. This is up 12 percent from last week, but well off the five year average of 65 percent complete.
The concern is that this slow pace could negatively impact yield potential due to an increased risk that plants will pollinate during peak summer heat. Plants that devote energy to keeping cool cannot use this energy for grain fill. That being said, we really do not know what the weather will be this summer.

SOYBEANS
The pace for soybean planting in the US is also progressing slowly at six percent of complete, which is up from two percent a week ago but well below the five-year average of 24 percent complete. 
Soybeans deliveries from Brazil may be disrupted as port workers plan a strike. Workers in Brazil’s ports plan a stoppage to protest a government proposal to change port regulations to lure investments

WHEAT
The National Agricultural Statistics Service May 6 Crop Progress report indicated that 32 percent of the winter wheat crop is rated good to excellent and 39 percent was rated poor to very poor. Soft red wheat producing states are generally in good condition this year compared to the winter wheat crop in the Plains with average percentages of 68 percent rated good to excellent and only six percent poor to very poor. The condition of the winter wheat crop is also good in the Pacific Northwest (PNW), where the ratings are 68 percent good to excellent and only six percent poor to very poor. 
Spring wheat planting has advanced to 43 percent completed from 23percent a week earlier, but remained behind the five-year average of 63%. Emergence was reported at 10 percent.
2013 Harvest contract prices for May 15, 2013 at market close are as follows:
SWW at $ 244.51 per tonne ($ 6.65 /bu.), SRW at $ 227.68 per tonne ($ 6.20 /bu.), HRW at $ 244.51 per tonne ($ 6.65 /bu.), and HRS at $ 264.99 per tonne ($ 7.21 /bu.).
       Ontario Grain Market Commentary for May 15, 2013
       By Todd Austin, Grain Farmers of Ontario