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Wittal: U.S. dollar limits grain buying

Dec. 15 — A quick update today, before the markets officially close, as I am heading for the airport and my return trip to Calgary shortly.

Outside markets were mostly down today with gold and financial markets leading the way lower.

Gold is currently trading 90 cents lower at $1,122.54. 

The U.S. dollar was trading up six-10ths of a cent; the Canadian dollar is trading 0.03 cents lower at US94.25 cents today.

The Dow Jones is trading 28 points lower at 10,465.

In the energy sector, crude oil is unchanged, trading at US$69.51 per barrel.

Corn is trading unchanged to down 3.2 cents a bushel today, while beans are trading mixed, up 15 to down 1.6 cents a bushel.

Wheat markets are also mixed, trading up 6.6 to down 11 cents a bushel today. The Minneapolis March futures are currently trading down 11 cents a bushel.

Canola is mixed, trading up $1.60 to down 40 cents per tonne. 

Western barley is unchanged, trading at $159 per tonne.

Speculative buying continues to try to push grains, but an aggressive move by the U.S. dollar has stalled out any buying and forced grain futures to retreat as the day goes on.

Canola continues to struggle, trying to follow beans, but with limited new sales and the holiday season looming, futures are remaining flat.

That’s all for today. — Brian

— Brian Wittal has spent over 27 years in the grain industry, including as an elevator manager and producer services representative for Alberta Wheat Pool, a regional sales manager for AgPro Grain and farm business representative for the Canadian Wheat Board, where he helped design some of the new pricing programs. He also operates his own company providing marketing and risk management advice for Prairie grain producers. Brian’s daily commentaries focus on how domestic and world market conditions affect you directly as grain producers.

Brian 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.

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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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