Nov. 11 — Financial and energy markets remained in a positive mood, finishing with small gains on the day.
U.S. grain markets were fairly quiet on limited trading today. The only real trading was taking place in the wheat markets, as traders were trying to do some short covering of positions. The Canadian markets were closed for the Remembrance Day holiday.
Gold futures continue to climb slowly upward with the December futures closing at $1,114.60 today.
The U.S. dollar was up marginally over yesterday. The Canadian dollar closed up 0.26 cents today at US95.57 cents.
The Dow Jones December quote closed up 42 points at 10,259 today.
Crude oil closed up 23 cents a barrel today at US$79.28.
Corn closed mixed, up 0.2 cents to down 1.2 cents a bushel today, while beans closed up 2.2 to seven cents a bushel.
Wheat futures were up 6.2 cents to down 12.6 cents a bushel today. Minneapolis December wheat closed up 6.2 cents a bushel today.
As we continue to push toward the eventual end of the harvest in North America, we must keep in mind that there are crops being seeded in other parts of the world, such as South America, and crops soon to be harvested in countries such as Australia that can and will all have an impact on grain futures prices going forward.
Having an understanding or being able to access information as to how these crops are doing will help you make better marketing decisions for your farm. Spend some time on your computer sourcing information, attend marketing seminars that are put on by many different commodity organizations and companies, and/or take a marketing course if one is offered locally, or go online and there are always courses available, for a fee of course. Contact your provincial ag services office and ask about marketing courses they may offer.
Marketing is not going to get easier as we move further into a global marketplace, so it’s better to be prepared and hone your skills whenever possible.
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.