Wednesday September 25, 2013



Commodity
Period
Price 
Weekly Movement
Corn CBOT
Dec. 
4.54 ¾ 
?
1 ½ 
cents
Soybeans CBOT
Nov.
 13.21 ¾ 
?
26
cents
Wheat CBOT
Dec.
6.70 ½ 
?
24
cents
Wheat Minn.
Dec.
7.18 ¼ 
?
18
cents
Wheat Kansas
Dec.
7.18 ¼
?
 25 ¾ 
cents
 
 



 
Canadian $
Dec.
0.9678
?
93
points


CORN: 

Harvest in the US is still in the very early stages. Progress is slow with only seven percent of the harvest completed this week. Overall, the crop condition ratings did see some improvement. This week, the very poor to poor rating decreased two percent to 16 percent and the good to excellent rating improved two percent to 55 percent. 

Although the range is narrow this week, the December corn futures downward trend has continued. There are talks that the long-term forecast is calling for some freezing temperatures in October. Should these conditions arise, they could potentially affect the crop development in its later stages. Weather is the key factor to keep an eye on as the crop maturity peaks. 


SOYBEANS: 

The USDA Crop Progress Report is now monitoring the progress of the soybean harvest. The report indicates three percent is completed so far. The condition ratings did see a minor improvement in the very poor to poor rating. This week the number was reported at 17 percent which is down one percent from last week. The good to excellent rating held steady at 50 percent. 

As harvest is still in the early stages on both sides of the border, making any conclusive statements on yields would be misleading. November futures began climbing on Thursday, September 19 but it was short-lived and they have since fallen to the $13.00 per bushel trading range.   








WHEAT: 

The US Spring wheat harvest is on par with the five-year trend at 93 percent completed this week. Winter wheat planting is one percent behind its five-year average to come in at 23 percent this week. 

Both winter and spring December wheat futures saw slight jumps Thursday, September 19 then fell back a bit again at the end of the week. The uptrends on both of the markets regained momentum this week to work to a high on Wednesday, September 25. 

The shift in the wheat markets is being pushed by discussions of tight stocks in China. With significant crop losses that resulted from poor weather in May and June, it is expected that China will be looking to make purchases to help offset these losses. 



2013 Harvest contract prices for September 25, 2013 at close are as follows:
SWW at $231.79 per tonne ($6.31/bu.), SRW at $226.10 per tonne ($6.15 /bu.), HRW at $235.59 per tonne ($6.41/bu.), and HRS at $238.53 per tonne ($6.49/bu.)

       Ontario Grain Market Commentary for September 25, 2013 
       Grain Farmers of Ontario