Market Report – November 16, 2017
Re: Thursday Crop Commodity Report
World supply of wheat remains high. The export market is very competitive right now putting downward pressure on prices. Projected soybean exports to China keep increasing which will help to use up some of the record production amounts this year. Corn harvest locally is moving along and soybeans are pretty close to wrapped up. Much of the corn crop is light in test weight this year due to denitrification of soils in the wet weather and the cool cloudy days. Yields are variable but coming out around average overall. The lighter wetter corn is taking longer to dry and must be dried at a lower temperature which costs more in time and fuel.
Now the focus will turn to 2018. Securing the best varieties before they are sold out and planning for the seed treatments specific to your operation is key. Contact Barclay Dick & Son if you need more information. We are always happy to help.
The Canadian dollar is currently at 78.3 cents/US$.
The barrel is at $55.20 this week.
North Gower Grains bidding $178/te for this year’s crop corn. Harvest 2018 is bid at $184/te.
Palmerston Grain is bidding Hard Red Winter Wheat 2017 crop delivered to their elevator at $177/te. 2018 Hard Red Winter wheat is bid at $194/te.
Hard Red Spring Wheat 2017 delivered is $240/te, while next year’s crop delivered at harvest is $247/te.
Soybeans delivered to North Gower Grains are bid in at $426/tonne. 2018 harvest soybeans delivered at harvest are at $430/te.
Current bid for 2017 fall canola delivered to Hamilton is $532/te.
Farmers are working hard to take off their crops right now. Please remember to keep a safe distance between farm machinery and yourself on busy roads. Be patient: we all want to get home to our families tonight!