The Rural Voice, 1993-02, Page 20OC ALFA -LAVAL
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PROVEN GENETICS TODAY BETTER GENETICS TOMORROW
16 THE RURAL VOICE
Grain Markets
Ontario has already imported
sufficient corn to meet our needs.
However, because the quality of
Ontario corn is heavily weighted to
the lower grades, it appears we will
need to keep importing grades 2 and
3 corn from the U.S. The best
scenario would be to export the
lower grades which in turn should
help to take the pressure off Ontario
prices.
There have been many comments
regarding the quality of U.S. corn
being imported into Ontario. I know
there has been some poorer corn
come in, but the majority of truck
and rail corn has been either a heavy
grade 2 or grade 3. These are the
grades most users are demanding
which leaves some excellent
opportunities for some feeders to
buy grades 4 and 5. Basis levels
have dropped to 70 cents over March
futures FOB farm for grade 3 while
grades 4 and 5 are being traded on a
bid and offer basis only, and,
needless to say, bidding hasn't been
too brisk.
One final item. After the USDA
reports were released, futures prices
for corn didn't drop, but rather held
steady and eventually moved higher.
SOYBEANS
The USDA raised their 1992 crop
harvest estimate to 2.198 billion
bushels which is the third highest in
history. On the plus side, total
soybean use is projected at a record
led by domestic crush and with
lower oil content in the beans, crush
should stay strong to meet the oil
demand.
The same is true in Ontario where
the soybean crush could reach 38
million bushels for the year, well
above the level of crush when there
were three crushing plants in the
province. As a result of the crush as
well as the weaker Canadian dollar,
basis levels have remained relatively
strong. Elevators are paying
between $1.18 and $1.25 over March
futures for old crop and between
$1.15 and $1.20 over November
futures for new crop. Many
producers are forward contracting
new crop beans at these levels as it
appears there will be a large increase