The Good: Wheat exports surged last week to hit a total of 710,500 tonnes which pushed crop year to date exports to a record 4.28 million tonnes. Wheat exports are running 532,600 tonnes ahead of last year at this time. The exports were primarily from West Coast terminals which shipped 513,000 tonnes during the week ending on October 12. St Lawrence terminals shipped 167,200 tonnes while primary elevators accounted for 11,400 tonnes during the week. Producer deliveries to primary elevators were strong at 474,000 tonnes. This is good news for wheat exports next week as terminal stocks remain adequate for strong exports next week.
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The Good, Bad & Ugly
The Good: Wheat markets were strong today with nearby futures moving up by 10 cents per bushel to close the day…
The Bad: Canola futures closed down by C$2.80 per tonne which broke the two day winning streak. The nearby canola market closed the day at C$617.60 per tonne. The losses in canola came despite strength in the soybean and soybean oil markets. Soybean oil closed the day at 50.87 cents per pound which was up slightly from yesterday’s close, That is bad news for the canola market.
The Ugly: The ugly streak in wheat continued today with the nearby Minneapolis contract dropping by two cents per bushel to close at US$5.50 per bushel. The ugly news for spring wheat is that both Chicago and Kansas City futures were up by three and one cent per bushel, respectively. The ugly news for the spring wheat market today is that the December contract closed the day at new contract lows!
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