Our online grain markets columnist Brian Wittal 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.
A little good news always helps !
Reports of China buying beans and Pakistan buying Canadian canola today helped oilseeds to regain most of yesterday’s losses.
The Dow Jones closed up 128 points today and the U.S. dollar finished down 1/10 of a cent. The Canadian dollar was down .02 today to close at US80.81. Crude oil finished up $.63, closing at US$46.51/ barrel for the day.
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U.S. grains: Corn rebounds from contract lows on short covering, bargain buying
Bargain buying and short covering lifted U.S. corn futures on Monday after the market slid to contract lows on expectations for strong U.S. output, traders said.
Corn finished up four to six today, beans were up 19 to 30 cent per bushel, and wheat closed up two to nine cents. Canola was up $3.50 to $4.80/tonnee, and barley finished down $2.40/tonne closing at $131.50/t.
Corn saw gains today due to the continued cool weather forecasts that may cause further seeding delays which could also lead to the switching of acres from corn to beans if the delays persist.
Spring wheat planting progress is the U.S. is reported to be at about 7 per cent compared to a five-year average of 19 per cent at this time of year. This is seen as bullish for the wheat markets and further weather delays will only help to push wheat futures further in the short term.
Weather has been and will continue to be the wild card this spring that will keep markets on edge as the push to get the seed into the ground is now priority one across North America.
Any further delays are going to have the markets jumping and over-reactive until that final acre is seeded.
That’s all for today.
Brian
