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Ontario Grain Market Commentary, Wednesday May 27, 2020

COMMODITY PERIOD PRICE WEEKLY MOVEMENT
Corn CBOT July     3.20½      ↑ 1 cent
Soybeans CBOT July     8.48½    ↑ 1 ¾ cents
Wheat CBOT July     5.04½    ↓ 9 ¼ cents
Wheat Minn. July     5.13¼     ↓   7 ¼ cents
Wheat Kansas July     4.5 ¾      ↓   1 ½ cents
Oats CBOT July     3.27½    ↑   9 ½ cents
       
Canadian $ June     0.7256 59 points

Corn

U.S. farmers have planted 88% of their expected crop. This was above the five-year average of 82%, but below the trade’s estimate of 90% complete. Emergence is estimated to be 64%. Slower planting progress in the Dakotas is feeding speculation that corn acres may be shy of the 97 million acre estimate.

In Brazil’s Mato Grosso region, the safrinha corn harvest is underway. Corn acreage in this area of Brazil is expected to be 12.8 million acres, and production is estimated at 32.7 million tonnes.

Soybeans

Soybean planting is 65% complete, above the five-year average of 55% but below the trade estimates of 70%. Emergence is estimated to be 35%.

Argentina soybean harvest is 93% complete, ahead of the five-year average of 81%. Estimates of yield now project the crop to be 43.6 bushels per acre and total production to be 49.5 million tonnes.

Wheat

Ukraine’s winter wheat harvest is anticipated to come in at 23 million tonnes. This past year Ukraine harvested 28 million tonnes. This lower production level is due to poor weather not only during planting, but throughout the growing season. Many of the winter wheat growing areas were hit with drought this year.

U.S. spring wheat planting is reported to be 81% complete, down 9 percentage points from the five-year average. The USDA had estimated spring wheat at 12.6 million acres. Of this, 11.9 million acres are hard red spring wheat.

2020 harvest prices for May 27, 2020, at the market close, are as follows:

SWW at $244.54/mt ($6.66bu), HRW at $257.19/mt ($7.00 /bu) + protein,
HRS at $ 235.17/mt ($6.40/bu) + protein, and SRW at $244.54 /mt ($6.66/bu).

We offer on farm bids for 2020 wheat and 2021 harvest prices as well, please call 1-800-265-0550 for more information.

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