Nov. 5 — Financial markets rebounded a bit while energy markets continued to slide lower.
The U.S. dollar rose eight-100ths of a cent today; the Canadian dollar closed down 0.33 cents today at US93.92 cents.
The Dow Jones December quote closed up 169 points at 9,954 today.
Crude oil closed down 78 cents a barrel today at US$79.62.
Corn closed down six to 7.4 cents a bushel today, while beans closed down 20-28 cents a bushel.
Wheat futures were down six to 9.4 cents a bushel today. Minneapolis December wheat closed down 7.2 cents a bushel for the day.
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Canola closed mixed, down $2.80 to up $7.40 per tonne today.
November Western barley futures closed up $3 at $169 per tonne.
Financial markets weren’t really active today as they are waiting for tomorrow’s release of both the U.S. and Canadian employment data reports.
U.S. grains remain under pressure, led by beans as harvest pressure and farmer selling are the focus, which is carrying over into the corn and wheat markets as well. Weekly bean export numbers were up sharply but that did little to offset the negative pressures in the markets today. Corn and wheat weekly export numbers were below weekly targets again, which doesn’t do anything to help support those grains as stocks are building up instead of being sold.
Reports that the Ethiopian government is looking to long-term lease three million hectares (7.4 million acres) of currently unused lands to international interests to set up large-scale farming operations, in an effort to revitalize the lands and their local economy, could certainly have a major impact on North American farmers, depending on what countries and crops are involved.
China and India are already players in this game, and if they continue to increase their interest, it could mean less opportunity to sell and ship grain to these markets from Canada and the U.S.
Competition is ever-increasing in an ever-changing world export market.
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.
