Glacier FarmMedia COVID-19 & the Farm

Wittal: Thanks and good luck this year

Jan. 29 — Outside markets were neutral to down today on limited trading activity and the fact that the weekend is upon us.

Most of the trade in grains was due to funds continuing to roll out of January contracts into March or May contracts. Other speculative traders were taking short positions in anticipation of further downside and profit potential.

Canola followed beans lower but again, the lower Canadian dollar helped support canola futures at the close to restrict the losses on the day.

The U.S. dollar index climbed another half a cent today.

Gold closed down 60 cents at $1,083 today, down $6 this past week.

The Canadian dollar dropped 0.38 cents to close at US93.5 cents today, down 0.94 cents this week.

The Dow Jones March contract closed down 22 points at 10,040 today, down 96 points this week.

In the energy sector, crude oil closed down 75 cents at US$72.89 a barrel, down $1.65 per barrel this week.

Corn closed down 3.4-5.2 cents a bushel today, down eight cents for the week.

Beans closed up down 11-17.6 cents a bushel today, down 37 cents this week.

Wheat markets closed down 7.4-13 cents a bushel today. Minneapolis March futures closed down 7.6 cents today, down 12 cents a bushel this past week.      

Canola closed mixed, down 90 cents to up $1.10 per tonne today, down $10 per tonne this week.

Western barley closed unchanged at $148 per tonne, unchanged for the week.

The Canadian Wheat Board released an updated pool return outlook (PRO) yesterday and wheat values are down from zero to $5 per tonne, while durum values are down from zero to $15 per tonne. Malting and feed barley are unchanged from the previous month. The sharp drop in wheat futures worldwide the past month is the main reason for the drop in the PROs. More details and commentary are available on the CWB website.

This will be my last daily update on the Grainews, Country Guide, Alberta Farmer and Manitoba Co-operator websites and I would like to say thank you to Farm Business Communications for giving me the opportunity this past year to share my market insight with readers. To those who have read my daily comments and sent me emails, I also want to say thank you very much and good luck this coming year.

Thank you for your readership. — Brian

— Brian Wittal has spent over 27 years in the grain industry, including as an elevator manager and producer services representative for Alberta Wheat Pool, a regional sales manager for AgPro Grain and farm business representative for the Canadian Wheat Board, where he helped design some of the new pricing programs. He also operates his own company, Pro Com Marketing, providing marketing and risk management advice for Prairie grain producers. He can be reached at [email protected].

COPA Medallion COPA finalist in 2012, 2014 and 2015.
©2021 AGCanada is a production of Glacier FarmMedia Limited Partnership. Any affiliated or third party content is the property of its respective owner and is used with permission.
Please refer to Copyright Page for details.
Click here to view our Website Terms of Use.