Sept. 14 –– Outside markets were able to finish with small gains today after starting the day off in negative territory, mostly due to the follow-through from the overnight markets.
The U.S. dollar closed up slightly today; the Canadian dollar closed down at US92.32 cents.
The Dow Jones September quote finished down at 9,611.
Crude oil is down 43 cents a barrel at US$68.86.
Corn closed down one to 10 cents a bushel today. Beans closed mixed, with the September futures down 59.4 cents a bushel and the forward months up one to six cents a bushel on the day.
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Wheat futures closed down two to 13.6 cents a bushel on the various U.S. exchanges. Minneapolis September wheat closed down 2.4 cents a bushel today.
Canola closed down $4.40-$5.70 per tonne today.
October Western barley climbed $2.20, closing at $115.30 per tonne. November futures are up $2.20 at $145 per tonne.
It was a lacklustre trading day for grains at best. The day started off negative following what the overnight trade had done. Perfect harvest weather over the weekend continues to push futures lower as calls for frost are becoming less of a concern; crops are maturing quickly with this weather.
Weekly export inspection numbers for beans were way down, which didn’t help matters either. Beans were able to pull back off of the lows and finish with gains on the day due to announcements of new sales to China and South Korea.
Canola struggled as it followed beans lower on harvest pressure. The turnaround by beans helped canola come up off the lows but the futures still finished with small losses on the day.
Wheat continues to struggle as world stocks continue to grow and excellent harvest weather is allowing for a faster harvest of above-average yields of good-quality wheat.
The Canadian wheat harvest is progressing quickly with the weather the past two weeks, and quality has been excellent by most reports.
GrainFlo
The opportunity to move all of your wheat sooner than later lies in your ability to get your tonnes signed up on the Canadian Wheat Board’s GrainFlo program.
If you sign up on Period 1 (November-December) you’re subject to an acceptance level equal to the A series contract. If you sign up on Period 2, 3 or 4 you are guaranteed 100 per cent acceptance and delivery of your grain in that time period, plus you will receive a storage payment for grains signed up in Periods 2, 3 or 4.
Remember, it’s key that you know what the grade of your wheat is before signing up. And if you deliver against a regular delivery contract that has a 25 per cent call, you will have to make sure you have enough tonnes assigned to cover your deliveries, and those tonnes cannot go on the Grain Flo program; they must stay on the delivery contract.
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.
