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Wittal: Weather pushes U.S. corn higher

Dec. 11 — Outside markets were mixed today, with gold lower and financial indicators and currencies all finishing higher.

Gold closed down $6.30 at $1,119.50, down $50 for the week.

The U.S. dollar was up half a cent today and up six-10ths of a cent for the week.

In the energy sector, crude oil was down 67 cents a barrel today, closing at US$69.87, down $5.60 a barrel for the week.

The Canadian dollar finished down 0.33 cents, closing at US94.89 cents, down 0.13 cents for the week.

The Dow Jones finished up 70 points, closing at 1,060, up 108 points this past week.

Corn was up nine to 12 cents a bushel today, up 16 cents a bushel for the week. New buying interest after the snowstorm has helped push corn values higher going into the weekend.

Beans were mixed today, down 1.4 cents a bushel to up eight cents a bushel. They were down eight cents a bushel for the week.

Wheat markets were mixed again as the Chicago and Kansas markets followed corn upward one to two cents a bushel and the Minneapolis markets fell 0.8 to 1.4 cents a bushel. Minneapolis is down 21 cents a bushel this week over last week.

Canola was up $1.90 to $4.30 per tonne today, closing out the week lower by 50 cents per tonne over last week. Western barley is unchanged today, closing at $159 per tonne, down $3 per tonne from last week’s close.

A rather quiet week with an uneventful U.S. Department of Agriculture report has left the markets lacking direction, so the trading today was limited ahead of the weekend and further harvest weather delays that could continue to push corn values higher. If this happens, and if it persists, it would also drag other grains with it.

Time for a cerveza and a swim with the dolphins! That’s all for this week. — 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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