PEI Grain Elevators

The US Soybean harvest progress (32 percent complete) is behind the five-year average harvest pace. it’s still too wet to harvest anything in most of the Midwest & Southern Ontario and soybean pods are splitting open and sprouting in some fields. More maybe more rain coming with Hurricane Micheal.We all need to have some better weather. There are lots of contracts to fill as of yet. A monthly set of USDA supply and demand estimates will be released Thursday, so pre-report positioning may still be taking place today. Mostly bearish interest have been shown in the soybean market, which is leading to losses today. Currently November futures are down $0.12 cents / bu.
The Can $ is also slightly lower today

PEIGEC Update

Final;ly a day with the market ending upwards in futures after a long drop to new lows that havent been seen for quite awhile.

Grain harvest is over locally for the most part , and soybean harvest is almost here.
The Can $ is up to 77.35
new crop soybean contract price is $ 378 / mt       fob the elevators

Wheat update on GMO and Japan

On July 10, Japanese authorities confirmed that they have updated their analysis methods to include a test for the presence of the MON 71200 GM wheat event, based on the test developed by the CFIA but with some modifications to calibrate it to the equipment available in Japan.  Currently Japan’s Ministry of Agriculture Forestry and Fisheries is using this test on Canadian wheat that is being held in storage.

 

Japan has not yet determined when they will start selling/distributing the Canadian wheat within Japan, but will provide a notification when they are ready. The Government of Canada continues to work closely with Japan and will provide further updates as they are available.

PEI GEC update

Stats Canada stated last week that Corn & Wheat cares are going to be up and Soybean acres will be down across the country.

Corn futures were unchanged early Thursday, but still near its highest prices in eight months .

All wheat’s are slightly lower on today’s market.Day two of the Wheat Quality Council’s Hard Red Wheat tour estimated a yield of 35.2 bushels an acre, down from 46.9 bushels a year ago. A harsh dry winter is to blame on the reduced crop. The 2018 crop could be about 90-110 million bushels below last year, However US exports are slower than normal as competition around the world has cut into their market share.
Soybeans are down 5 cents early as US and Chinese officials meet to discuss trade differences — a topic that means a lot to US soybean prices and does have an impact on our prices.

PEIGEC update

Still a lot of uncertainty about the size of the Argentina bean crop, with estimates mostly now in the 40-44 mmt range. Down about 10mmt. Harvest will be early in many areas after a warm and dry summer. Harvest activity will be picking up over the next few weeks, and yields are expected to be very variable. Brazil’s harvest is now past the 65% range. The Argentina losses will be offset by a big Brazil crop, higher US supplies.

Keep an eye on the USDA acreage and stocks report next week on Thursday. Bean acres are expected to be up. The Can is up half a cent overnight and is pushing the price lower. Nov futures are holding their own today , which is positive news.

The Can $ is lower again today by half a cent. Sitting at $ 77.050 at this time. Since Feb 1st we have gained and benefited from a 4 cent drop in the Can $ . So much for the experts suggesting we were heading for par by summer, a very unforeseen turn of events for the dollar. This has been a excellent opportunity for producers to book. Fundamentally the supply & demand situation shows the market shouldn’t be reacting this way.  ( But hey ! the market is always right. )

The weather market is driving the spec money on the near by futures. The.May contracts of soybeans and winter wheat were a little higher early Monday with ongoing concerns of drought in Argentina and the southwestern U.S. Plains still active.
Locally barley & wheat user demand is steady but not brisk. Corn is slow moving and very low priced at this time and is holding other prices down. Some producers are holding on in hopes of better returns later this spring.

Soya meal is driving the soybean market and is up $ 8.00 / mt today. It is obvious that soybeans are struggling to go a lot higher, with US and world bean supplies still very ample. The unknown right now is how the Argentina crushers will fare in acquiring bean supplies to make up for the current crop losses. Probably from Brazil . Their meal crush is likely to be reduced, but probably not by nearly as much as the crop loss. Ag is down 7 mmt and Brazil is up 6 mmt based on yields estimates.
Soya meal market getting pretty stretched out now, but not easy to say where a top might be, with the market being run primarily by speculators now.
The Can $ is down to $ 78.125 and id definitely helping our prices.
New crop soybean contracts are at $ 425 / mt             FOB the GEC elevators at this time.
Price is subject to confirmation at time of call.

PEI GEC Update

Slow but firming trade is seen at midday with beans reaching a new high for the move and corn within a penny of the 4 month highs. Markets are taking a breath today to figure out their positions.Small rains in may also be a factor.It is still a weather market in Febuary. There is lots of uncertainty on the nearby weather , but there are lots of Soybeans in storage to offset most of the declines in yield. Bottom line the market can shift anytime.

Soybean started the day down ,but are up 4 cents / bu at this time. The Can $ is 79.165

New crop soybean contracts are at $ 412 / mt Fob The GEC elevators

Spot Old crop is at $ 405 / mt fob the GEC elevators

Price is subject to confirmation at time of call.

PEI Producer Day on PEI / Research

The AGC are hosting a producer information day.
February 13th on PEI, at Research Farm in Harrington.

Research dollars at work.
To view or download the agenda, please click:  PEI Producer Day 2018 agenda

PEI GEC update

March soybeans were up 3 1/2 cents early Tuesday, still getting some benefit from dry weather concerns in Argentina. The weather outlook still looks mostly dry for the region, but northern Argentina is expecting rain in this week’s forecast. Brazil’s crop areas are expected to be drier this week. While Brazil appears to be headed toward a large, 4.0 billion bushel soybean harvest, the outlook for Argentina is not as clear and the persistence of dry weather has brought at least a temporary pause to the downtrend that prices began in mid-December. It is still difficult to see a strong up side on futures. The Can $ is still over the $.80 cent mark

New crop soybean contracts are now at $ 398 / mt  FOB the GEC elevators.
Price is subject to confirmation at time of call.