The Rural Voice, 1992-08, Page 22READY TO LAY
PULLETS
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AYTON ONT. NOG 1C0
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We now carry the Buddex instant
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Manufacturing & Repair
R.R. 6, Shelburne
519-925-5793
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Larger sizes available
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HAWKESVILLE, Ontario K -W STOCKYARDS
519-699-4144 519-664-1185
Owen Martin Manufacturing has
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or Weber's Farm Service
18 THE RURAL VOICE
Grain Markets
spot is soymeal demand, but we
also need to see exports expand if
usage is to keep up with supply. In
Ontario, basis levels have dropped
due to the rising Canadian dollar
and falling soybean prices. Today,
elevators are paying 55 cents over
August futures for old crop beans
and 50-55 cents over November
futures for new crop. If the Ontario
crop is as large as Stats Canada
indicates, there could be 55 million
bushels to market which would
certainly pressure new crop basis.
Although the acreage projected for
Ontario isn't a big surprise, yields
could be. Our acreage thoughts
were basically unchanged for
soybeans but we thought corn
acreage would be down 10-15 per
cent. It appears that Stats Canada
has reduced the wheat acreage and
increased both corn and soybeans.
FEED GRAINS
There seems to be plenty of local
barley and mixed grain coming
onto the market right now and with
corn prices falling, barley demand
isn't too brisk. Both mixed grain
and barley are selling for $95 to
$100 per m.t. while Western barley
is trading for about $111 per m.t.
with good, white, milling -quality
Ontario oats being bought at $107
per m.t.
In looking at the fundamentals
that have influenced the markets
this year, we've seen what effect
perceptions of the futures have had
on prices. Many traders had high
hopes for a bull market in 1992 and
traded on every extended weather
forecast as if there could possibly
be dry weather and droughty
conditions. However, there were
enough traders who were realists or
better gamblers to keep the market
under wraps and we've now seen
what happens when reality sets in.
Personally, I think it will take
extraordinary circumstances to
prevent prices from falling further.
As one trader was bold enough to
write "we'll have to wait until next
year for a bull market only time
will tell."0
Information supplied by Dave Gordon,
LAC, Inc., Hyde Park, 519-473-9333.
1