Wednesday June 11th, 2014
COMMODITY
PERIOD
PRICE
WEEKLY MOVEMENT
Corn CBOT
July
4.41
?
15 
cents
Soybeans CBOT
July
14.45
?
37
cents
Wheat CBOT
July
5.89 
?
25 ¼ 
cents
Wheat Minn.
July
6.84
?
14
cents
Wheat Kansas
July
7.04
?
9
cents
 
 
 


 
Canadian $
Sept
0.9201
?
78
points



USDA REPORT June 11-2014
CORN:
 
Estimates for world inventories was nudged higher by 80,000 tonnes to a 15-year high of 182.65m tonnes, reflecting increased expectations for crops in the European Union where Germany and the former Soviet Union have enjoyed improved early season growing conditions.

In the US, the harvest estimate and indeed the whole 2014-15 balance sheet was left unchanged with slightly slower-than-normal mid-May planting progress expected to be offset by very favourable early season crop and weather conditions.

July Corn traded as high as $4.50 per bushel before the report and closed near the low of $4.40 


SOYBEANS:
 
For soybeans, the end-stocks estimate for 2014-15 was lifted by 650,000 tonnes to a record 82.88m tonnes, again contrasting with expectations of a small downgrade.

The soybean market displayed marked volatility, trading over a 20 cent trading range over a four-minute spell which took it both into positive and negative territory before settling down to the $14.45 level, 17 cents lower on the day.

WHEAT:

After starting the day higher, the July contract lost ground all morning and went negative after the USDA report with a 20 cent range on the day.   Without further bullish news it looks like we could be setting our sights at a retest of the $5.50-5.60 level basis the lead contract month.
Australia, the southern hemisphere's largest wheat exporter, will produce 24.59m tonne of the grain in its harvest late in 2014. Hopes of an improvement in weather conditions in Australia are being undermined by the prospect of an El Nino pattern, which typically causes dryness in the country. About two?thirds of El Niño events since 1900 have been associated with drought over large areas of Australia.

SWW at $223.84/mt ($6.09/bu), SRW at $209.82/mt ($5.71/bu), HRW at $227.84/mt ($6.20/bu), HRS at $250.76/mt ($6.82 /bu).


       Ontario Grain Market Commentary for June 11th, 2014 
       By Marty Hibbs, Grain Farmers of Ontario