For the week of Jan. 25 to 29, corn, soybean and wheat futures gained ground from the previous week.
The corn market was relatively flat with the March future adding approximately two cents. Friday’s close was $3.72, compared with the Jan. 22 closing of $3.7025. The week’s closing futures prices ranged from $3.6550 to $3.72.
The March wheat future gained close to four cents, closing at $4.7925, up from the previous week’s closing price of $4.7550. The low was $4.7225, while the high was $4.8575.
The March soybean future finished the week at $8.8225, up approximately six cents from the Jan. 22 close of 8.7650. The closing Chicago prices ranged from $8.6775 to $8.83
The soybean market suffered a setback on Thursday when the March contract lost 15 cents in the wake of news that China cancelled the purchase of 395,000 tonnes of 2015-16 soybeans from the U.S. The market shrugged off the losses the next day as the March future gained 14.5 cents on commercial buying interests and dry weather concerns in Argentina. The wheat market was supported on rumours that Russia would hike taxes on its exports.
The Canadian dollar finished the week higher with Friday’s Bank of Canada Exchange Rate (noon) set at $1.4080 US. The previous Friday’s rate was $1.4151. The moderate strength in the dollar put downward pressure on the local soybean basis. On Friday, the average Old Crop basis in Chatham-Kent fell to $2.91, down 15 cents from Monday’s average of $3.06. The average Old Crop corn basis for the week was $1.10.