Wednesday October 2, 2013
			
Commodity	Period	Price 	Weekly Movement
Corn CBOT	Dec. 	4.39	?	15 ¾ 	cents
Soybeans CBOT	Nov.	 12.73 ¾ 	?	48 	cents
Wheat CBOT	Dec.	 6.86	?	15 ½ 	cents
Wheat Minn.	Dec.	7.46 ¾ 	?	28 ½ 	cents
Wheat Kansas	Dec.	7.55	?	 36 ¾ 	cents
 	 				 
Canadian $	Dec.	0.9659	?	19	points


CORN: 

The US corn harvest is continuing at a slow pace, coming in at 12 percent completion in this week’s USDA Crop Progress report released on September 29, 2013. The forecast for the Midwest calls for wet weather in the near future so the harvest could continue to lag. Condition ratings remained unchanged from last week. 

The big story for corn this week lies in the futures and the effects of the USDA report released on Monday September 30 indicating larger than expected carryout stocks. As a result of the report, corn futures fell and are pushing towards lows. Monday trading began the session in the $4.60 per bushel trading range. Post-report, the markets lost nearly 20 cents per bushel and have continued to trade in the mid to high $4.30 per bushel trading range through to Wednesday this week. 


SOYBEANS: 	

The US soybean harvest continues to move at a slower pace and is 11 percent complete this week. The crop rating has improved two percent in the very poor to poor rating and three percent in the good to excellent rating. Ontario harvest continues while the weather cooperates. 

Similar to corn, the story for the soybean market comes from the effects of Monday’s USDA report. Soybean futures were pressured by tight carryout stocks and reports of a robust South American crop expectation. November futures were fairly steady late last week. After the release of the report on Monday, September 30, the November futures fell quickly to trade in the $12.60 - $12.80 per bushel trading range and maintained that through to Wednesday. 





WHEAT: 

Futures for both the spring and the winter wheat crops have seen jumps in the past week. Several international sources have been cited in reference to this pressure. In Argentina, there are reports of significant crop damage from frost. In China, the tight supplies are sparking discussions of increased imports for the nation. In Russia, there is concern because the Russian Grain Producers Union estimates are several million tonnes lower than their own government. 

The bottom line is that both the winter and spring futures have made positive gains. The December winter futures moved from the $6.60 per bushel to the $6.80 per bushel ranges. The December spring futures have made positive gains from the low $7.00 numbers nearing the $7.50 per bushel mark by Wednesday this week. Gains were slowed by the pressures being felt in the corn and soybean markets. Overall, it’s been a positive week for the wheat markets. 



2013 Harvest contract prices for October 2, 2013 at close are as follows:
SWW at $238.14 per tonne ($6.48/bu.), SRW at $232.43 per tonne ($6.33 /bu.), HRW at $241.94 per tonne ($6.58/bu.), and HRS at $249.83 per tonne ($6.80/bu.)