Nov. 4 — I am at a conference the next three days and I am trying to write this from a remote location so it will be short and sweet.
Financial markets were steady to up as the U.S. dollar dropped just over six-10ths of a cent today. Energy markets were also up slightly on the day.
The gold markets tried for the $1,100 mark but did not quite make it, topping out at $1,097, and ended up pulling back off of the highs for the day, still finishing up over yesterday’s close.
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The Canadian dollar closed up 0.58 cents today at US94.25 cents.
The Dow Jones December quote closed up 40 points at 9,760 today.
Crude oil closed up 80 cents a barrel today at US$80.40.
Corn closed down 5.6-7.4 cents a bushel today, while beans closed down 7.2-11.4 cents a bushel.
Wheat futures were up 4.2-6.6 cents a bushel today; Minneapolis December wheat closed up 6.6 cents a bushel for the day.
Canola closed down $2.30-$7.80 per tonne today.
November Western barley futures closed down $2 at $166 per tonne.
Warmer weather in the U.S. is allowing harvest to progress, which is starting to put a bit of pressure back on the grains.
Improved harvesting conditions in Canada, combined with a lack of buying interest due to the Chinese blackleg issue, and a rising Canadian dollar are all factors that have forced canola lower today, a trend that may continue for the short term.
Wheat continues to find minor support on quality concerns over the balance of what is left in the fields.
Not a lot of other news to tell, as markets are rather quiet for the most part.
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.
