Tridge summary
As of October 5, Ontario's soybean harvest is approximately 60% complete and the corn harvest is in its early stages with intermittent showers forecasted for the first half of October. Basis levels for corn and soybeans are expected to remain under pressure due to heavy farmer selling, but soybean and corn exports will increase in November and December. The USDA's Sept. 1 stocks report was considered bearish for corn and soybeans, and U.S. energy policy will have a significant effect on corn in the next year. China's demand for U.S. soybeans but not for corn, and terminals in the U.S. Gulf are slowly coming back on stream after Hurricane Ida. Winter wheat seeding is underway in several countries, and there is open demand for wheat. Canada's winter wheat production estimates were considered bullish for the wheat market. Producers are advised to sell a certain percentage of their 2021 production.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
As of Oct. 5, the Ontario soybean harvest was approximately 60 per cent complete while the corn harvest was in the early stages. Intermittent showers are in the forecast for the first half of October. We’re in the process of getting a better handle on crop quality. Yield results confirm our production forecast. Basis levels for corn and soybeans are expected to remain under pressure throughout October due to heavy farmer selling. However, soybean and corn exports will increase during November and December. This will alleviate congestion in the Ontario commercial pipeline. Quick look:Soybeans: Ontario farmers have been steady sellers off the combine, which has softened local demand.Corn: U.S. energy policy will have a significant effect on corn in the next year.Wheat: About 30 per cent of Ontario’s wheat crop was feed grade in 2021. The USDA Sept. 1 stocks report was considered bearish for corn and soybeans. The corn and soybean futures are absorbing Northern Hemisphere harvest ...
Source: Farmtario
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