Sept. 23 — Outside markets were mixed with limited trading throughout the day, which seemed to filter over into the grains, which started off with losses.
As the day went on, though, corn and wheat were able to reverse that momentum and finish with small gains; beans were able to recover from double-digit losses to close with small single-digit losses on the day.
Currencies continued the pattern of bouncing back and forth, with the U.S. dollar trading up just over a quarter of a cent on the day.
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The December Canadian dollar was down half a cent today and finished at US93.58 cents.
The Dow Jones December quote finished down 45 points, closing at 9,720.
Crude oil closed down $2.79, at US$68.97 per barrel.
Corn closed up three to 4.4 cents a bushel today, while beans closed down 1.2 to 5.4 cents a bushel on the day.
Wheat futures closed mixed, with the Minneapolis down from one to 2.4 cents a bushel and the Chicago and Kansas futures up from 0.6 to four cents a bushel. Minneapolis December wheat closed down 1.2 cents a bushel for the day.
Canola closed down $1.70-$5.50 per tonne today.
October Western barley dropped $3, closing at $116 per tonne. November futures closed down $2.50 at $147.50 per tonne.
Lentil yields this year overall are better than expected, which means a larger volume to sell. A lot of farmers are wondering what to do as far as pricing is concerned. Lentil markets will follow other markets lower.
At 25-26 cents, farmgate prices are historically high prices and with better-than-anticipated yields you need to look at the net dollars per acre this will give you and make a decision based on profitability.
The current down trend in other commodities will have an impact on lentil prices as export buyers (the few that there are) will try to drive prices lower whenever possible. When other grains are falling it is easier to justify a drop in price from a buyers’ perspective and if it sparks some panic selling, it will achieve their goal of buying more product at a cheaper price.
Look at all of your grains and what value per acre you can achieve from those grains at current prices compared to historical values. Start making some sales decisions based on that information to meet your cash flow needs.
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.
