Wednesday, January 28, 2014
COMMODITY
PERIOD
PRICE
WEEKLY MOVEMENT
Corn CBOT
Mar
3.73
?
         15
cents
Soybeans CBOT
Mar
9.70
?
13
cents
Wheat CBOT
Mar
5.05
?
30
cents
Wheat Minn.
Mar
5.55
?
25
cents
Wheat Kansas
Mar
5.36
?
35
cents
 
 
 


 
Canadian $
Mar
.79.85
?
103
points



CORN:  
The United States Department of Agriculture (USDA) January report showed domestic ending stocks for corn at 1.877 billion bushels, which was smaller than expected. Global ending stocks, at 171.64 million metric tonnes, were smaller than expected.
On the charts:  We are approaching the January 14 low of $3.75 on March corn as of this writing (January 28).  On the downside, technical support is found at $3.55-$3.65 based on the March contract. The Short and long term trends are still negative while the intermediate trend remains neutral.
SOYBEANS:
On the charts:  We finally closed below the $9.75 support level on the March contract. The big question is whether or not we will get a rally in February before we challenge the October lows of $9.  In any case, unless fundamentals change, we are destined to test the $9 levels based on the lead month. All indicators at this time are still bearish, confirming the downtrend that has been in place since June 2014.

WHEAT:

According to USDA data, the global wheat ending stocks were larger than expected at 82.38 million metric tonnes.

On the charts:  The wheat is testing $5 as of this writing (January 28). This should prove to be no more than a temporary support level as the old bottom of $4.70 is looming large and in need of a retest to confirm support at that level. Short, medium and long term indicators are negative. The wheat will need a lot of work to turn this market back to a bullish scenario. The main trend remains down.


2014 HARVEST CASH PRICES AS OF CLOSE January 28, 2015

SWW @ $259.50/mt ($7.06/bu), SRW @ $229.65/mt ($6.25/bu),
HRW @ $243.43/mt ($6.63/bu), HRS @ $231.94/mt ($6.31/bu).



Marty Hibbs, Grain Farmers of Ontario 


       Ontario Grain Market Commentary for January 28 2015