While corn, soybean and wheat prices all fell from the previous week, a rally on Friday kept the losses from being larger.
Soybeans led the way higher as forecasts for this week called for cooler temperatures to bring relief from the excessive heat that lingered over the U.S. Midwest. With a lack of fundamental news, reports that China’s agriculture ministry said the African swine fever situation was under control offered some support.
Uncertainty over corn acreage in the U.S. continues to hang over the market. Meanwhile, sluggish U.S. corn export shipments are weighing on the prices. In Ontario, old crop basis levels were on the rise again as the Chatham-Kent (CK) high was up 35 cents.
The wheat market continued to be pressured by the winter wheat harvest in the U.S. Similar to corn, Ontario basis levels improved during the week.
For old crop corn, the Chicago future (Sept.19) closed at $4.31 on Friday, down 23 cents from July 12. The new crop future (Dec.19) closed at $4.36, down 23 cents.
The CK high cash price was $6.26, up approximately 12 cents from the previous week. The new crop high price was down 23 cents at $5.61.
At the same time last year, the CK high old cash price was $4.61 and the new crop was $4.60.
The old crop soybean future (Aug. 2019) was down 11 cents from the previous week at $9.02. The new crop (Nov. 19) future was down 12 cents at $9.20
The CK old cash price on Friday was $11.22, down 6 cents from the previous week. The new crop price was down 13 cents at $11.19.
Last year, the CK high old crop price was $11.16, and the new was $11.22.
For old crop wheat, the Sept. future in Chicago was down 20 cents from the previous week, closing at $5.03. The new crop (July 20) future was down 22 cents at $5.31.
The Grain Farmers of Ontario (GFO) Soft Red Winter Wheat cash price was down 5 cents at $6.95. The new crop price was 7 cents lower at $6.79.
Last year, the GFO Soft Red Winter Wheat cash price was $6.48; the new crop price was $6.93.