ProMarket Wire
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Site Created July 17, 1997;  Last Updated  October 01 14, 2019
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The author(s) of this newsletter are employed by R.J. O’Brien & Associates Canada Inc. (“RJO Canada”), a Canadian regulated FCM. The content and opinions expressed within this newsletter are solely those of the authors and are not necessarily shared by RJO Canada. RJO Canada is not responsible or liable for any actions taken from use of content, expressed opinions, accuracy, forecasted projections, or any other content expressed within the newsletter. Responsibility for all content of this newsletter remains solely with ProMarket Communications Inc. (403) 275-5555.
Sample Issue
Monday, September 23, 2019
ProMarket Wire provides cash market opinion assisting agri-business  (403) 275-5555  Rebroadcast is prohibited
Late Day Financials: Toronto TSX 16,867 -31   Dow Jones 26,987 +52   U.S. $ 98.62 +.16 Energies and Metals:  Bitcoin Dec 10,115 -315   Crude Oil Dec 58.33 +.49   Gold Dec 1,531.70 +16.40 Cash Market Snapshot: Spot Cdn 75.41 up.09   Dec Cdn 75.49 up.10   Mar Cdn 75.55 up.09 Weekly Cattle Market Update: The fed cattle market has stabilized after seeing 2019 lows tested on finished ten (10) days ago. In Alberta, fed steers did bottom out averaging $1.36 ½ /lb over the last few days. But carcass weights are still creeping higher The Cdn Cattle of Feed report (recently released) was viewed as bullish on aggressive marketings. U.S. cash cattle also saw a slight past recovery in the past few days. CDN FAT CATTLE MARKET MAY BE NEARING SEASONAL BOTTOM. But pork cutout prices remain in-decline and the cow market appears still under pressure dipping to lows not seen since early summer. D1/D2 bids now average 86 cents/lb, off another penny for the week. COW PRICES NOW IN-DECLINE. Cow price weakness expected into October. This week . . . feeder bids expected fully steady, fed cattle stdy and cow and butcher bull bids lower. Minneapolis Spring Wheat Surge: Quality concerns (wet weather) in northern U.S. hard red spring wheat continues to provide a boost to spring wheat futures. December MWE has now broken above $5.30/bu resistance with $5.60/bu now seen as heavy resistance. This is good news for western Cdn high- quality, high protein wheat heading into fall. QUALITY MILLING WHEAT BIDS TURN UP. For growers wishing to re-open and replace cash spring wheat sales, March Minneapolis spring wheat $5.50 at-the-money call may trade around 20 cents/bu. Top-end 1CWRS 13.5% wheat bids could angle into a $6.50 to $7/bu delivered range into mid fall. The Bull Market Called ‘Canary Seed’: If you have sound-quality canary seed stored in the back-40, buyer demand is expected to be solid this fall/winter. Both new crop and stored canary bids are heard 26 to 26 ½ cents/lb ($13 - $13.25/bu) for fall farm pickup. Growers, we believe given tightening supplies, cash canary prices could surge higher yet. The question is; how much old canary seed is still stored in Saskatchewan bins and may be flushed out this crop year? Yellow Peas Undervalued: Growers . . . the Cdn yellow pea cash market is seasonally quite undervalued on harvest selling pressure and quiet China / India buying demand. YELLOW PEA CASH BIDS NOW QUITE UNDERVALUED. #2 yellow bids continue to hover around $5.50/bu. Once international buying demand reappears, #2 yellow bids will jump $1/bu or more . . . quickly. This is your storage signal. Errol
Rain Delays: Spring Wheat Up... China Trade: Soybeans Surge... Cows Seasonally Off… Rain slowing harvest in the northern U.S. plains over the weekend plus President Trump talking-up a China trade deal had soybeans and Minneapolis spring wheat off-to-the-races this morning . . . . November soybeans briefly poked above $8.99/bu, up more than 15 cents/bu early. Minneapolis wheat surged with the December contract up 15 cents testing a high of $5.39/bu. Corn was more-or-less pulled by the ears on soy/MWE gains. “China booked 10 loads of (U.S.) soybeans for December shipment. This is good news, but well below expectations” commented a CME trader. Canola simply drafted higher pulled by soybean gains . . . . November canola tested an early morning high of $452.80/MT. The cattle board flared at the opening bell . . . . Buying was supported by Friday’s bullish Cattle on Feed feedlot placement data. August placements of 92% of a year ago were 2.5% below trade expectations. December live cattle spurted above $108/cwt, briefly ‘limit up’ mid-morning. November feeder cattle grazed $140/cwt, up nearly $3/cwt. Today’s cattle futures support came directly from the COF report. Cash cattle bids were quiet today and wholesale beef prices were actually a little softer” commented a Colorado analyst.  And financial markets were generally a quiet affair with the exception of strong gold price gains . . . . Gold futures bolted nearly $20 per oz higher mid-day on Mid-east oil tension concerns.
Close Change Close Change Close Change Nov Canola $ 448.30 + $ 0.90 Dec Corn $ 3.732 + $ 0.024 Dec Chic Wheat $ 4.830 -  $ 0.012 Jan Canola   $ 456.50   + $ 0.70   0   Mar Corn   $ 3.842   + $ 0.024   Mar Chic Wheat   $ 4.900   -  $ 0.010   Mar Canola $ 464.80 + $ 0.80 May Corn $ 3.920 + $ 0.024 May Chic Wheat $ 4.946 -  $ 0.010 May Canola $ 472.30 + $ 0.60 Jul Corn $ 3.976 + $ 0.024 Jul Chic Wheat $ 4.982 -  $ 0.014 Jul Canola $ 478.50 + $ 0.60 Dec Oats  $ 2.796 + $ 0.040 Dec Minn Wht $ 5.372 + $ 0.130 Oct Beanoil $ 0.2919 -  $ .0009 Mar Oats  $ 2.820 + $ 0.012 Mar Minn Wht $ 5.482 + $ 0.106 Dec Beanoil $ 0.2931 -  $ .0009 May Oats  $ 2.814 + $ 0.014 May Minn Wht $ 5.580 + $ 0.094 Mar Beanoil $ 0.2984 -  $ .0009     Jul Minn Wht $ 5.670 + $ 0.094 Oct Live Cattle $ 101.850 + $ 2.500 Nov Soybeans $ 8.924 + $ 0.096 Dec Live Cattle $ 107.775 + $ 2.625 Dec KC Wheat $ 4.064 -  $ 0.010 Jan Soybeans $ 9.060 + $ 0.094 Feb Live Cattle $ 114.100 + $ 2.025 Mar KC Wheat $ 4.196 -  $ 0.012 Mar Soybeans $ 9.170 + $ 0.082 Apr Live Cattle $ 116.900 + $ 1.275 May KC Wheat $ 4.290 -  $ 0.016 May Soybeans $ 9.264 + $ 0.072 Jun Live Cattle $ 109.575 + $ 1.150 Jul KC Wheat $ 4.380 -  $ 0.022 Dec Soymeal $ 298.60 + $ 3.60 Oct Fdr Cattle $ 141.250 + $ 2.050 Nov Nat Gas $ 2.557 + $ 0.002 Mar Soymeal $ 303.20 + $ 3.60 Nov Fdr Cattle $ 139.725 + $ 2.700 Dec Lean Hogs $ 68.375 + $ 2.125