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.
Markets were down overnight, but as the day markets opened things seemed a little more optimistic and markets bounced up off of the overnight lows. The swine flu seems to have been put on the back burner after yesterdays harsh response and the markets are again weather watching for further signs to push markets either way.
The Dow Jones closed down two points today. The U.S. dollar finished down 5/10th of a cent today. The Canadian dollar was up slightly today to close at US$.8205. Crude oil finished down $.22, closing at US$49.92/ barrel for the day. Corn finished up 1 to 4c/b, beans finished down 3 to 16c/b today, and wheat was even to up 5c/b today. Canola is down $1 to $2/t for the day, and barley was down $1.80/t closing at $133.90/t.
The CWB is urging producers to deliver #1 and #2 CWRS ASAP as they are short stocks for sales right now. Indications are that the CWB will be accepting all CWRS offered on the C Series contract. Now is the time to make sure you have the right number of tonnes assigned to the C series contract or make any adjustments needed before the end of May. You can do the changes online on E Services or call your grain company rep and they can do it for you as well.
I have been watching canola basis levels and there are still some attractive basis levels being offered through out the Prairies for deliveries in May through July. Grain companies have sales to fill and with delayed seeding there are concerns that deliveries will not happen in a timely manner so they are offering some nice premiums through their basis to get producers to deliver over the next three months. Every company and delivery point is different depending on their rail service provider, their car spot and their ability to load cars fast. Check with your surrounding facilities to see who is offering the best deal as it changes daily.
That’s all for today. Brian