Ontario Grain Market Commentary, September 30
| COMMODITY | PERIOD | PRICE | WEEKLY MOVEMENT |
| Corn CBOT | Dec | 3.79 | ↑ 10 ½ cents |
| Soybeans CBOT | Nov | 10.23½ | ↑ 9 cents |
| Wheat CBOT | Dec | 5.78 | ↑ 29 cents |
| Wheat Minn. | Dec | 5.39 | ↑ 6 cents |
| Wheat Kansas | Dec | 5.09¾ | ↑ 25 ½ cents |
| Oats CBOT | Dec | 2.85¾ | ↓ 2 cents |
| Canadian $ | Sept | 0.7511 | ↑ 32 points |
Corn
According to the September 30 report, U.S. corn stocks were lower than expected, as the USDA reported corn stocks to be 1.995 billion bushels. The trade was expecting 2.250 billion bushels. The past summer, 2020, the second largest volume of corn was taken from the US inventory, as usage between June and August was 3.02 billion bushels. This figure is comparable to 2.98 billion bushels during the same time period last year.
Soybeans
According to the USDA, U.S. soybean stocks are 523 million bushels. Again, the trade was expecting large stocks of 576 million bushels. Soybean usage was 858 million bushels through the summer months this year. China’s appetite for soybeans as witnessed with increased purchases of U.S. origin soybeans these past few months can attest to. China’s voracious demand for soybeans has been evidenced with increased purchases of U.S. origin soybeans during the past few months.
Wheat
The USDA wheat stocks are at a five year low of 2.159 billion bushels. The stocks are down 8% from last year.
In international news, Algeria has modified their wheat tendering terms regarding insect damage. This should make it easier for Black Sea region wheat to be accepted under the new quality specifications. This could certainly reduce the EU’s market share in Algeria. France, for instance is a big exporter to Algeria at nearly 5 million tonnes annually.
2020 harvest prices for September 30, 2020, at the market close, are as follows:
SWW at $265.64/mt ($7.23/bu), HRW at $272.98/mt ($7.43/bu) + protein,
HRS at $ 246.56/mt ($6.71/bu) + protein, and SRW at $265.64/mt ($7.23/bu).
We offer on farm bids for 2020 wheat and 2021 harvest prices as well, please call 1-800-265-0550 for more information.
