The Rural Voice, 1995-06, Page 19Grain Markets
prices right at import levels. New
crop corn is trading for 60 cents over
December futures at most elevators,
which is a relatively strong bid given
the Canadian dollar level.
Corn will continue to be imported
into Ontario but probably on a fairly
small scale until late summer. If
there is a shortage of Ontario corn, it
will be evident in late August or early
September. Right now though,
opinion is divided as to whether or
not there will be enough local corn to
supply the market.
SOYBEANS
USDA released a slightly bearish
supply/demand report for soybeans.
The crush was increased by 10
million bushels which dropped the
carryout slightly. However, the first
supply/demand report for 95/96
showed another large bean carryout
of 380 million bushels. If corn
acreage is switched to soys, the
carryout will only increase.
However, exports are running ahead
of projections and this should help to
reduce this year's ending stocks.
In Ontario, basis levels faded
slightly early in May but have held
steady recently in the face of a strong
dollar. Soybean crush is still going
strong and although we are trading
somewhat under import values, the
market should eventually rise to
import levels as the Ontario supply
tightens up. However, even if the
Canadian dollar continues to gain
strength, basis levels in Ontario will
remain steady.
In Ontario, I've seen a few
situations where producers are
deciding at the last minute to plant a
little more corn. There are areas of
the province that are lagging behind
with corn planting and certainly will
not be reducing the soybean acreage,
but most areas are right on schedule
and could still plant more corn. The
main concern, however, comes from
the U.S. and the likelihood of some
major acreage being switched from
corn to soys.
FEED GRAINS
Feed grain prices have remained
quite strong due to the small supplies.
Western feed wheat is selling for
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JUNE 1995 15