Jan. 14 — Outside markets were steady to up, with gold and financial indicators all up slightly. Crude oil was down again today, as were the grains in the U.S. and Canada, mainly due to lower-than-targeted weekly sales and export numbers that did nothing to inspire confidence in the trade today.
The U.S. dollar index fell eight-100ths of a cent today, while gold closed up $6.20 at $1,142.60. The Canadian dollar rose 0.75 cents to close at US97.79 cents.
The Dow Jones March contract closed up 30 points at 10,663 today, while in the energy sector, crude oil closed down 26 cents at US$79.39 a barrel.
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Corn closed down three to 3.6 cents a bushel today. Beans closed down 8.4 to 15 cents a bushel.
Wheat markets closed down six to 13.4 cents a bushel today; Minneapolis March futures closed down 7.2 cents a bushel.
Canola closed down $6.20-$6.80 per tonne today.
Western barley closed down $2, at $154.20 per tonne.
Non-commercial buyers were in a selling mood today as weekly grain export sales numbers came in well below weekly targets for corn and wheat. Beans were above the weekly targets, which, if these levels can be maintained, will certainly help to alleviate some of the concerns over growing world inventories with the current reported big crops that could be coming out of South America and Brazil.
These markets are going to bounce around for quite some time as strong export demand and the potentially large crops growing in the Southern Hemisphere will have traders jumping back and forth and futures going up and down.
It’s reported that the U.S. was again passed over on a number of potential wheat sales to Jordan and Egypt, in preference for Russian-sourced wheat, which was reported to be $35 per tonne cheaper than U.S. wheat at this time.
With ample supplies around the world, the only way to move the product is to be the cheapest game in town, and right now that’s not the case. You can expect wheat futures to continue to fall in the short term to narrow that gap.
Canola was on the defensive all day, with beans lower and the Canadian dollar trading up over US97 cents. Limited farmer selling helped to keep futures from falling any further than they did on the day. Basis levels are winding in as futures fall, so check around, as you may want to lock some more basis in if you have more old-crop inventory to sell.
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.
