Nov. 6 –– Financial markets remained steady, closing up slightly over yesterday with no new or exciting news that would spark any interest heading into a weekend.
Gold continues to try to break the $1,100 mark but has not been able to close at or above that value yet.
The Statistics Canada jobless report showed a drop of 42,000 jobs over last month and the U.S. report showed a net loss of 190,000 jobs month-over-month. Hopes had been that the reports would show small job growth, but that is not the case.
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This further confirms to many that the economic recovery is not happening as fast as many would like to believe it is, and some feel that this is a further sign that we aren’t at the bottom yet.
The U.S. dollar rose two-100ths of a cent today, down two-10ths of a cent for the week. The Canadian dollar closed down 1.07 cents today at US92.85 cents, up two-10ths of a cent over last week.
The Dow Jones December quote closed up 24 points at 9,978 today, up 310 points from last week’s close.
Crude oil closed down $2.19 per barrel today at US$77.43, up 43 cents over last week.
Corn closed down six to 9.4 cents a bushel today, up one cent per bushel over last week’s close.
Beans closed down 12.4-19 cents a bushel today, down 30 cents a bushel from last week.
Wheat futures were down 10.2-16.6 cents a bushel today. Minneapolis December wheat closed down 10.2 cents a bushel today, up six cents a bushel from last week’s close.
Canola closed down $7.90-$12.30 per tonne today, down $1 per tonne from last week’s close.
November Western barley futures closed up $6 per tonne at $175, up $8 per tonne this week.
Same story all week for grains: harvest is progressing, farmers are starting to sell some more grain and new sales are very limited, so futures are dropping accordingly.
Canadian and Chinese officials will renew talks next week over the blackleg issue. Canadian officials say they cannot issue certificates stating that Canadian canola shipments are blackleg-free because blackleg is a common canola disease and there is no agreed-upon testing procedure in place to accurately test for it. This isn’t over, and probably won’t be for quite some time. Can anyone say “Non-tariff trade barrier?”
That’s all for this week. — 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.
