The Rural Voice, 1992-08, Page 21Grain Markets
still remain sufficient stocks of com
and what now looks to be a large
crop in the field. And, keep in
mind that there are no government
storage programs to keep com off
the market. Marketing will
basically be left in the producers'
hands.
In Ontario, the crop is certainly
delayed by comparison to last year
and we don't expect harvest to get
underway until late October. This
late date will allow an extra month
to market last year's supplies which
at the present rate of use may get
tight. The one thing that could have
an affect on corn usage is the possi-
bility of sprouted wheat competing
in the feed market. If wheat is able
to compete with com price -wise,
the present stocks in Ontario could
carry us through to new crop other-
wise we will likely need to import a
small quantity in late September or
early October. If we do import
corn, Ontario basis levels will
improve by as much as 25 cents to
30 cents over September futures for
old crop and from zero to 20 cents
over September futures for new
crop corn. The outlook for new
crop basis is somewhat clouded
right now, but it appears that we
will likely drop to export levels at
harvest during the "crunch" period.
Futures prices are going to
continue trading the crop size in the
U.S. which appears to be very large
right now. In fact, with current
weather conditions some people
think we could suddenly see a
record crop.
SOYBEANS
Two happenings changed the
course of soybean prices in early
July. One was the more than
adequate rainfall of July 3 to the
present. The other was the project-
ed acreage in the USDA report of
July 1 which showed tighter
acreage than anyone suspected.
Suddenly, a tight carryover
situation has changed to more than
adequate supplies. As a result,
futures prices have dropped 50
cents per bushel and as with corn, a
bottom doesn't appear imminent in
the market. In fact, the only bright
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AUGUST 1992 17