Wednesday June 19, 2013 



Commodity
Period
Price
Weekly Movement
 
 
 
 
 
 
 
 
Corn CBOT
Sept.
6.82 ¼  
? 
107 ¼   
cents
Soybeans CBOT
Sept.
15.23
 ?
164 ¼   
cents
Wheat CBOT
Sept.
7.14 ¼  
 ?
23 ¼   
cents
Wheat Minn.
Sept.
7.94 ¾     
 ?
4 ¾  
cents
Wheat Kansas
Sept.
7.40 ½     
 ?
19 ¾   
cents
 
 
 
 
 
 
Canadian $
Sept.
0.9744
 ?
25
points

CORN:
According to the projections of Informa Economics, the US will plant 95.262 million acres of corn. This total is lower than last year’s plantings and also lower than the USDA’s estimates. Informa argues that the unfavourable spring weather delayed plantings and also shifted planting intentions.

US corn emergence was last reported at 92 percent, this is below the five year average of 97 percent. Approximately 64 percent of the corn is in good to excellent condition, compared to 63 percent a year ago.

SOYBEANS:
As of June 16, 85 percent of the expected US soybean crop has been planted up from 71 percent a week ago. For the first soybean condition report this crop year, 64 percent of the soybean crop was rated as good to excellent. Recent rains have helped the condition of established crops despite a slow start to planting this year.

Informa Economics estimates that the US will plant 77.756 million acres of soybeans this year. This would be an increase in acreage from last year and is more than 600,000 acres larger than the previous USDA estimate. Again, the wet spring has contributed to delayed plantings. Ontario has also had some unfavourable conditions with the wet weather as farmers continue their soybean planting.

WHEAT:
Informa estimates that US spring wheat plantings will be 11.791 million acres, and all wheat acreage is estimated at 55.5 million acres. The decrease in US acreage will be negated by increased production here in Canada, Russia and the Ukraine. The USDA estimates that production in the Ukraine will increase 24 percent and Russian production by 43 percent. Increased global wheat production and higher corn production could limit upward potential of wheat futures this year.
As with planting delays of corn and soybeans, recent weather has slowed the US wheat harvest. Close to 11 percent of the winter wheat crop has been harvested versus an average completion rate of 25 percent. 

2013 Harvest contract prices for June 19, 2013 at market close are as follows:
SWW at $252.37 per tonne ($6.87/bu.), SRW at $235.41 per tonne ($6.41/bu.), HRW at $248.60 per tonne ($6.77/bu.), and HRS at $265.76 per tonne ($7.23/bu.).







       Ontario Grain Market Commentary for June 19, 2013 
       By Todd Austin, Grain Farmers of Ontario