Canada Markets

A Look at New-Crop Cash Corn in Ontario

Cliff Jamieson
By  Cliff Jamieson , Canadian Grains Analyst
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As of Dec. 14, the most common price reported by DTN for new-crop cash corn in Ontario was shown at $6.46 per bushel, as shown by the green bar on the right. This is compared to the new-crop bids reported for this week by the Ontario government for 2004 through to 2020. Both the five-year average (brown bar) and the 10-year averages are calculated at $4.77/bu. (DTN graphic by Cliff Jamieson)

While new-crop cash corn for 2022 delivery has been quoted higher in recent weeks, the attached graphic compares the most common elevator price reported on Dec. 14 of $6.46 per bushel with the price reported for the same week (week 50) by OMFRA since 2004. Note that the government's bids are based on delivered prices for the Chatham-Kent region of the province.

The current bid of $6.46/bu for Dec. 14 is 35.4% higher than the five-year average calculated at $4.77/bu and 35.3% higher than the 10-year average of $4.77/bu for week 50 or the middle of December.

The Ontario government's Weekly Corn Forward Price chart shows prices for 2021 charting a whole new course for forward prices when compared to 2020 and the 10-year average, which shows prices ranging from the $4/bu-to-$4.50/bu range.

The December 2023 chart shows the future reaching a lower-low in each of the past three sessions, with the Dec. 15 session, resulting in the lowest trade in almost five weeks. Trade has dipped below the contract's 50-day moving average for the third straight session, while closing just 1/2 cent above the 50-day at $5.43 1/4/bu.

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