Wittal: Argentina’s farmers on strike

Sept. 3 — I was away at meeting all day yesterday so here is a quick review of what happened in the markets for Wednesday, Sept. 2.

Markets continued to struggle Wednesday as there seemed to be limited trading activity, mainly due to the fact that no real news or items of interest were available to boost anyone’s interest.

Grain markets continue to come under harvest pressure as the weather continues to co-operate, allowing late-maturing crops more time to catch up. 

The U.S. dollar dropped four-10ths of a cent; the Canadian dollar closed down 0.09 cents at US90.42 cents.

The Dow Jones September quote is down 18 points at 9,277.

Crude oil is down $1.91 at US$68.05 per barrel.

Corn closed mixed, down two to up two cents per bushel on the day; beans closed down five cents a bushel on the day.

Wheat futures closed down three to six cents a bushel on the various U.S. exchanges. Minneapolis September wheat closed down five cents a bushel.

Canola closed down $5-$6 per tonne. October Western Barley jumped $2, closing at $102 per tonne. November futures are down $3 at $141 per tonne.

Argentina’s farmers have been “on strike” again this past week, delivering little or no grains or livestock to markets to protest current government export tariff policies.

It will be interesting to see how long this may carry on and if it may start to impact world prices and/or buying patterns.

I will be back this afternoon with a daily wrap after the market close. — Brian

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Brian Wittal

Brian Wittal has 30 years of grain industry experience and currently offers market planning and marketing advice to farmers through his company Pro Com Marketing Ltd.

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