The Rural Voice, 1992-07, Page 20COMMITTED TO QUALITY YOU CAN DEPEND ON
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46T 1.I1 SEFDS
Grain Markets
Prices still volatile
Grain prices continue to be quite
volatile and with all eyes on the
weather, we're playing a waiting game.
In order to have markets strengthen, we
must have a steady supply of bullish
news. However, at this point, enough
rainfall seems to be entering the picture
to keep prices down.
The U.S. planted a large corn crop
(up about two per cent) but one of the
smallest soybean crops in recent years
was planted. As a result, the progress
of soybeans will tend to give the market
some direction.
CORN
Corn futures made a move higher
last week, but on June 15 corn markets
dropped the 12 cents/bu limit. Since
then, there has been little recovery as a
large part of the Midwest got good
rainfall. But stay tuned. Now some
weather services are calling for the pos-
sibility of frost in part of the com belt.
One thing we have noticed over the
years is the fact that weather markets
tend to change direction around July 1.
Either grain prices peak for the year, or
gain enormous strength over the fol-
lowing weeks. Typically, markets are
quite volatile throughout this period.
In Ontario, old crop basis levels
have dropped as a result of a pickup in
com movement. Some elevators
dropped to as low as 15 cents over July
futures and to 10 cents over December
futures for new crop corn. However,
other elevator chains are still maintain-
ing levels of July +.30 and December
+.20. I expect basis levels to be under
pressure until wheat harvest, as corn is
being shipped out to make room for
wheat. In August and early September,
supplies could tighten up enough to
push basis levels back up towards
import levels.
SOYBEANS
Soybean prices have been even
more volatile than corn prices with