Wittal: markets start to focus on weather

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 rather quiet today in light of the news that the flu epidemic has been upgraded to a Level 5 and the news that Chrysler has filed for Chapter 11 bankruptcy protection in the U.S. today.

Weather is the focus and things are slowly changing daily as wet areas are starting to dry off with the hope is that seeding will start soon. Forecasts change very quickly, as will the markets, accordingly so keep a close eye on things as you head to the fields to get it in the ground.

The Dow Jones closed up five points today. The U.S. dollar finished even for the day. The Canadian dollar was up .5 cents to close at US$.8382. Crude oil finished up $.15, closing at US $51.12/ barrel.

Corn finished even to up 4 cents/bu, beans finished up 9 to 36 cents, and wheat was even to up 7 cents today.

Canola is up $3 to $5/tonne for the day, and barley was up $.90/tonne, closing at $138.90. The jump in the Canadian dollar and the lack of new export business kept canola in check again today as beans made some nice gains.

The International Grains Council issued its monthly crop estimates today, forecasting world wheat production to fall to 651 million tonnes in 2009/10, from a record 688 million in 2008/09. The forecast was unchanged from a month earlier. The IGC raised its forecast for world wheat consumption in 2009/10 to 642 million tonnes, up from a previous projection of 640 million but still marginally below the prior season’s 643 million.

Wheat markets should be interesting as we go through the growing season and into harvest.

That’s all for today.
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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