Dec. 14 — Outside markets showed some rebound today with news that Dubai World has been able to secure some short-term financing to pay down some of its staggering debt.
Gold closed up $3.90 at $1,123.40 today. The U.S. dollar was down two-10ths of a cent today.
The Canadian dollar finished down 0.94 cents, closing at US94.28 cents today.
The Dow Jones finished up nine points, closing at 10,493 today.
In the energy sector, crude oil was down 36 cents a barrel today, closing at US$69.51.
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Corn was up two to four cents a bushel today. Continued speculative buying pushed corn higher, as concerns persist that some harvesting will not get done with the continued winter weather in some regions.
Beans were up 10 to 20 cents a bushel. Strong weekly exports continue to support bean futures. Wheat markets were up five to 8.6 cents a bushel today. The Minneapolis market was up 5.4 cents a bushel.
Canola was up early in the day, following beans and a lower Canadian dollar, but the dollar rebounded and canola ended the day down 30-70 cents per tonne.
Western barley is unchanged today, closing at $159 per tonne.
Speculative buying pushed U.S. grains higher on weather concerns and limited new sales reports. Long-term investors see commodities as an opportunity for profits as the U.S. dollar is expected to fall further over the next six to 12 months.
Supply and demand shifts within that time frame will no doubt send markets bouncing at times, which should provide good opportunities for producers to do some pricing or hedging of values for old- and new-crop grains.
We are flying home tomorrow, so here’s hoping the weather is warming up a little around Calgary. 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.
