Wednesday July 31, 2013



Commodity
Period
Price 
Weekly Movement
Corn CBOT
Sept 
4.99
?
9 ¼ 
cents
Soybeans CBOT
Sept
12.49 ¾ 
?
52
cents
Wheat CBOT
Sept
6.64 ¼ 
?
11 
cents
Wheat Minn.
Sept
7.41 ¼ 
?
2 ¼ 
cents
Wheat Kansas
Sept
7.06 ¾ 
?
9 ½
cents
 
 



 
Canadian $
Sept
0.9727
?
49
points

CORN: 
The USDA crop progress report showed corn development working closer to the five year average. In terms of silking, this week’s crop is at 71 percent, up 28 percent from last week and closing in on the five year average of 75 percent. New to this week’s development report, the dough stage has reached eight percent which is behind the five year average of 17 percent. 
Corn conditions remain unchanged this week with the very poor to poor rating holding steady at 11 percent and the good to excellent rating staying put at 63 percent. Overall, favourable rainfall and temperature forecasts are creating ideal conditions and are fueling increased crop size expectations.
SOYBEANS: 
The USDA crop progress report indicated advancements in soybean development this past week. Blooming is up 19 percentage points to 65 percent this week. Pod setting has moved ahead 12 percentage points from last week to 20 percent. However, this is still well off the five year average of 34 percent. 
The condition of the crop decreased from last week. The very poor to poor rating increased one percentage point to nine percent and the good to excellent rating fell one percentage point to 63 percent. Markets were a bit mixed this week but ultimately, futures were down overall. 





WHEAT: 
According to the USDA crop progress report, the winter wheat harvest has nearly caught up with the five year average. This week, it was rated at 81 percent completion which is just one percentage point behind the five year average of 82 percent. Similarly, the spring wheat heading is one percentage point behind the five year average at 94 percent. Overall, conditions in the spring wheat remained the same for the good to excellent rating at 68 percent and decreased in the very poor to poor rating moving ahead one percentage point to six percent.

A slight bounce in the futures came this week on the lifting of Japan’s purchasing ban on US western white wheat. However, more will be needed to push the markets forward significantly. This year’s corn crop size could potentially affect wheat values and not only pressure corn futures but also wheat futures.  


2013 Harvest contract prices for July 31, 2013 at close are as follows:
SWW at $230.15 per tonne ($6.26/bu.), SRW at $213.15 per tonne ($5.80/bu.), HRW at $226.37 per tonne ($6.16/bu.), and HRS at $247.91 per tonne ($6.75/bu.)

       Ontario Grain Market Commentary for July 31, 2013 
       Grain Farmers of Ontario