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.
Cliff Jamieson can be reached at email@example.com
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