Nov. 9 — Financial markets showed solid gains today, as did the energy sector. U.S. grains started off the day in a negative mood but with support from the outside markets were able to finish with gains on the day.
Canola ended down slightly due to the two-cent jump in the dollar and no new export sales being made with the unresolved Chinese blackleg issue.
Gold continues to push and did close above the $1,100 mark today.
The U.S. dollar dropped three-quarters of a cent today; the Canadian dollar closed up two cents at US94.85 cents.
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The Dow Jones December quote closed up 217 points at 10,195 today.
Crude oil closed up $2 a barrel today at US$79.43.
Corn closed up 18.6-19.4 cents a bushel today; beans closed up 16.2-22.6 cents a bushel.
Wheat futures were up 20.2-32.4 cents a bushel today. Minneapolis December wheat closed up 27.6 cents a bushel.
Canola closed mixed, down $1.50 to up 30 cents per tonne today.
November Western barley futures closed unchanged at $175 per tonne.
This past week’s weather has gone a long way to helping get the harvest done across the Canadian Prairies.
Eastern Canada and large parts of the U.S. grain belt have been experiencing some rather trying weather the past month, and it doesn’t look like it’s going to improve greatly in the near term. This is starting to cause crop damage and yield loss in a lot of areas.
The U.S. Department of Agriculture is slated to come out with a crop production, supply and demand report tomorrow. This could lead to a very volatile day in trading tomorrow, depending on how close the trade believes the USDA’s numbers truly reflect the current situation in the field.
Damage and loss in corn and beans has been growing, so no doubt there are a lot of opinions as to what the revised production numbers for those crops should be. Tomorrow’s report will be the starting point for further discussion and may spark some interesting debate and trading going forward.
I’ve heard from a number of farmers across the Prairies about problems with grain in their bins, bugs, heating, spoiling et cetera. Make sure and check all of your bins at least every week, especially with this warmer weather again.
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.
