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Ontario Grain Market Commentary, February 24, 2021

Ontario Grain Market Commentary
Corn CBOTMar5.59 ¼↑   6 ¼ cents
Soybeans CBOTMar13.83 ¾↑   40 cents
Wheat CBOTMar6.80 ¼↑   36 ¼ cents
Wheat Minn.Mar6.46 ½↑   23 ½ cents
Wheat KansasMar6.56↑   31 ½ cents
Oats CBOTMar3.67 ¼↑   14 ½ cents

Canadian $Mar0.7979↑   103 points


The cold snap that affected much of the U.S. last week also caused ethanol plants to either slow production or shut down completely amid power outages and a spike in natural gas prices. According to the U.S. Department of Energy, ethanol production output declined 28 percent to 658,000 barrels a day. The Renewable Fuels Association estimates that some of their biofuel producing members dropped production by almost 60 percent.


Brazil’s soybean harvest pace continues to lag behind those in recent years. Currently, 15 percent of the crop has been harvested compared to 31 percent last year. Soybean futures have climbed to month-high levels as the trade focuses on the lack of progress of the harvest in Brazil. A broad rally in the oilseeds market has helped to sustain buying interest in the soybean complex.


U.S. wheat crop condition ratings were a mixed bag for the month of February. In Kansas, (the top U.S. winter wheat producer) and Oklahoma, conditions declined while conditions improved for South Dakota, Colorado, and Montana. The current prices reflect the aforementioned ratings. Globally, there has been renewed interest in the demand for U.S. wheat, in turn, aiding the rise of wheat futures in Chicago.