Canada Markets

A Look at New-Crop Cash Corn in Ontario

Cliff Jamieson
By  Cliff Jamieson , Canadian Grains Analyst
Connect with Cliff:
@CliffJamieson
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)
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.

Cliff Jamieson can be reached at cliff.jamieson@dtn.com

Follow him on Twitter @Cliff Jamieson

(c) Copyright 2021 DTN, LLC. All rights reserved.

Previous Post (Canola Shows Resilience as Soybean Oil Pushes Lower)
Next Post (SRW May be Signaling More Bad News for the Wheat Market)
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)

Comments

To comment, please Log In or Join our Community .