Nov. 2 — Financial and energy markets showed some rebound on the overnight trade and this carried over into today’s trade as well.
The U.S. dollar fell only slightly today; the Canadian dollar closed up 0.07 cents today at US92.69 cents.
The Dow Jones December quote closed up 65 points at 9,735 today.
Crude oil closed up $1.13 per barrel today at US$78.13.
Corn closed up 16-17 cents a bushel today while beans closed up 19-25 cents a bushel.
Wheat futures were up 18-22.6 cents a bushel today. Minneapolis December wheat closed up 18.2 cents a bushel for the day.
Read Also
Entomologist tests trap crops and marigolds to repel flea beetles at an Ag in Motion
An Agriculture Canada entomologist is experimenting with trap crops and marigolds at an Ag in Motion demonstration cropplot
Canola closed mixed, up $7.20 to down 90 cents per tonne today.
November Western Barley futures closed up 90 cents at $167.90 per tonne.
The start of a new trading month brought some aggressive positioning from speculative traders, primarily in the beans, as continued above-average weekly export sales numbers and delayed harvest concerns have them believing beans are headed upward.
This momentum carried over into the corn and wheat as well and helped them end with double-digit gains at the close.
Canola was off to a good start this morning but faded fast on the news from China that there was no agreement or extension on the Nov. 15 deadline for blackleg-free certification. The Chinese are not moving on their demands and more meetings are slated this week to try to resolve this issue.
The continued strength in beans should help support canola at the current levels for the time being, but if this issue drags on, we will see further pressure on canola futures eventually.
Yellow pea prices have come to life again, as new reported sales to Pakistan should bring net producer price to around the $6 per bushel values in central Saskatchewan. Depending on the number of cargos and tonnes sold, this offer may not be there long.
Do the math.
Does it make sense to sell on your farm?
Do you need cash flow?
Do you need the bins for crop yet to be harvested?
That’s all for today. — Brian
— Brian Wittal has spent over 27 years in the grain industry, including as an elevator manager and producer services representative for Alberta Wheat Pool, a regional sales manager for AgPro Grain and farm business representative for the Canadian Wheat Board, where he helped design some of the new pricing programs. He also operates his own company providing marketing and risk management advice for Prairie grain producers. Brian’s daily commentaries focus on how domestic and world market conditions affect you directly as grain producers.
Brian welcomes feedback and information on market conditions in your area, such as current offering prices, basis levels, trucking premiums and special crops contracts. Contact Brian today.
