Canada Markets

Winter Crop Ratings Drag HRS Lower

Cliff Jamieson
By  Cliff Jamieson , Canadian Grains Analyst
Connect with Cliff:
The old-crop May MGEX hard red spring wheat contract gapped lower in Wednesday trade, while closing just below its 20-day moving average (brown line) for the first time since March 2. The stochastic momentum indicators confirms that the short-term trend has turned lower, although price has failed to move below last week's low of $5.12/bu. The lower study shows the continuous HRS/HRW spread, ending at 55 1/4 cents, which is the highest seen since mid-July 2013. (DTN graphic by Nick Scalise)

The first weekly Crop Progress report released for 2016 in the United States showed the winter wheat crop rated at 59% Good to Excellent, well-above last year's 44% Good to Excellent rating and the five-year average of 41.6% for the first report of the calendar year. It was also above expectations, given the potential for frost damage, as well as the potential for negative impacts from the ongoing hot and dry weather across areas of the Southern Plains.

Despite the weather challenges faced, Kansas City HRW has led the move to the downside, closing 6% or 29 cents/bu below its recent March 15 high of $4.90 1/2 today. The MGEX HRS contract has fallen 3% or 15 3/4 cents from its recent April 1 high. While the stochastic momentum indicators for both old-crop charts reflect a short-term downtrend, HRS seems to be moving lower with greater reluctance.

Today's 12 1/4 cent move lower for May HRW took the contract price well-below the 50-day moving average, while reaching the contract's lowest level in more than a month. May HRS on the other hand, which saw price dip 8 1/4 cents, did gap lower in overnight trade although overall trade remains consolidated within last week's range while today's close was only marginally below the contract's 20-day moving average found at $5.17 1/4.

P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]

The lower study on the attached chart indicates the continuous HRS/HRW spread, which can act as a proxy for the demand for higher protein spring wheat versus the lower protein winter wheat. Today's close of 55 1/4 cents (May HRS over May HRW), is the highest this spread has traded since July 16 2013, after reaching a crop year low (August-through-July) of just 8 1/2 cents.

This same trend is also seen in new-crop futures, with the Dec HRS/Dec HRW spread trading at 40 3/4 cents, after recovering from a March 2015 low of minus 11 cents (HRW over HRS).

ProphetX calculates the average continuous active HRS/HRW spread at 7.93 cents in 2014/15, minus 9.69 cents in 2013/14, 45.11 cents in 2012/13, $1.20/bu in 2011/12 and $32.17 cents in 2010/11. So far this crop year, this spread has averaged 31.4 cents.

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

Follow Cliff Jamieson on Twitter @CliffJamieson

(ES)

P[] D[728x170] M[320x75] OOP[F] ADUNIT[] T[]
P[L2] D[728x90] M[320x50] OOP[F] ADUNIT[] T[]

Comments

To comment, please Log In or Join our Community .

JWilson305519108
12/17/2020 | 12:04 PM CST
This is not the subject I am into. I know very little about marketing. The last time I discussed marketing topics was the expert writer on https://essaysprofessors.com/movie-critique-writing-service.html asked for writing assistance. By the way, he wrote my marketing plan in a very short time and the result was great.
ppum1278294794
7/30/2020 | 8:00 PM CDT
Temporarily put aside all worries, walk with him on the road I will not turn around so I will not regret the past Keep the heart peaceful and forget all the troubles and troubles This life is said many times love.
AJessi1676687764
1/29/2020 | 9:15 AM CST
East west [google](https://www.google.com) is best
AJessi1676687764
1/29/2020 | 9:15 AM CST
East west [google] (https://www.google.com) is best
AJessi1676687764
1/29/2020 | 9:13 AM CST
Hi, can tell me the reason why my post is not publish[url=https://www.google.com]Google[/url]
HAli1902356346
11/25/2019 | 6:31 AM CST
This information is useful for startups and also for me. I am a student of business administration and providing online web design services to students. I am thinking about to start my own business. https://www.europewebsitedevelopment.com/web-design-services/
RFerry1618069494
11/20/2019 | 1:24 AM CST
[url=https://cssaynurvices.org/]essay writing[/url]
RFerry1618069494
11/20/2019 | 1:23 AM CST
nice
RFerry1618069494
11/20/2019 | 1:12 AM CST
"website":https://neverenoughauto.com [website][1] [1]: https://neverenoughauto.com
PKudriavtseva1774112734
11/11/2019 | 9:18 AM CST
Various online casino resources are insanely popular on the Internet. You can play the game on cool gaming portals and get a lot of positive from the game. Although, part of the game resources does not behave fairly in relation to users. People understand that they can be deceived, for this reason, before starting the game, they try to study the feedback about online casino Alf https://otzyvy-casino.com/alf-kazino/.
HGreen698118298
11/8/2019 | 9:27 AM CST
If you would like to learn more about https://superessay.org and its great writers, please contact them at any time. To honor students everywhere, they remain open 24 hours a day. You may contact one of the customer care reps with any questions or issues.
lWheels686972244
10/30/2019 | 5:53 AM CDT
I am a Senior Web Designer & Web Developer in Dubai. I work with creative agencies in UAE to manage and assist in their projects. here my website: https://www.saadashraf.net/
MDavid1856755975
10/30/2019 | 2:32 AM CDT
We are offering high-resolution website design and that put us the supreme web design company. We are providing the best website design and development services in an affordable pricing plan among other companies. Here Company Website: https://www.adwebstudio.com/web-design-company-riyadh-jeddah-saudi-arabia
mpolo1533390293
6/15/2019 | 4:54 AM CDT
I like it https://jumblesolver.online
bbling88994260747
5/30/2019 | 2:18 AM CDT
[an example](http://example.com/ "Title") [This link](http://example.net/)
CLee344792832
5/21/2019 | 1:31 AM CDT
hello
DLee1101412970
5/6/2019 | 11:45 PM CDT
[google](www.google.com.pk)
DLee1101412970
5/6/2019 | 11:45 PM CDT
[link="http://example.org"]Eminem Not Afraid Jacket[/link]
DLee1101412970
5/6/2019 | 11:45 PM CDT
[link:www.example.com]your link text[/link]
DLee1101412970
5/6/2019 | 11:45 PM CDT
[a href=https://www.jackets.com/]Jackets[/a]
DLee1101412970
5/6/2019 | 11:45 PM CDT
[url=http://example.org urltitle=example][/url]
DLee1101412970
5/6/2019 | 11:44 PM CDT
It is a cool place. I like this. As it is all about Fashion. I thought to let you know something about this awesome [link="http://example.org"]Eminem Not Afraid Jacket[/link]
DLee1101412970
5/6/2019 | 11:44 PM CDT
[Ben Barnes Leather Jacket]url:https://www.sjackets.com
DLee1101412970
5/6/2019 | 11:42 PM CDT
[Example->https://www.example.com]
DLee1101412970
5/6/2019 | 11:41 PM CDT
"Foo":http://foo.bar
smartinez286083873
4/15/2019 | 11:52 AM CDT
Hire the best Write my essay help from the experts of Students Assignment Help at the lowest price and can score high marks in their colleges and universities assignments. Our proficient writers can write any type of academic assignment as they are high qualified in writing assignments. https://www.myessaywriter.net/ https://uwritemyessay.net/
jadewyatt
3/30/2019 | 6:17 AM CDT
[a]https://www.google.com/| google[/a]
jadewyatt
3/30/2019 | 6:16 AM CDT
"google":https://www.google.com/
jadewyatt
3/30/2019 | 6:15 AM CDT
[google](https://www.google.com/) good work [https://www.google.com/ google] [[https://www.google.com/|google]]
jadewyatt
3/30/2019 | 6:14 AM CDT
Good work
jliver1184826420
3/12/2019 | 4:52 AM CDT
https://www.rostrumglobal.co.uk/app-development.php
jliver1184826420
3/12/2019 | 4:51 AM CDT
https://www.rostrumglobal.co.uk/android-development.php
SDavidson2103843117
2/21/2019 | 12:51 AM CST
I think there are so many people that have the capability to control the factors which need a shift in the attitude that there are things that change it completely. You can visit https://www.ukessaywriters.org.uk/ for more information.
ppen119471944
12/17/2018 | 4:27 AM CST
the nice [url=http://google.com/]game[/url]
webtechcoupons
10/29/2018 | 7:26 AM CDT
Put aside me chance to see most of the comments, anyway I really savored the experience of the audit. It exhibited being greatly helpful to me and Im positive to most of the investigators fitting here! [URL=https://www.webtechcoupons.com/offers/godaddy-renewal-coupons/]Godaddy renewal coupon[/URL]
webtechcoupons
10/29/2018 | 7:24 AM CDT
[google](http://www.google.com) [[http://www.google.com|google ]] [http://www.google.com google ] [Google](https://www.google.com/)
CJacky1739083535
10/20/2018 | 8:53 AM CDT
The first weekly report is pretty improvise because the chart goes up with the day by day. The rating is also important for you.http://www.rightnowcleaning.com
kLEAF1761754884
8/31/2018 | 7:14 AM CDT
Krishna Janmashtami, also known simply as Janmashtami or Gokulashtami, is an annual Hindu festival that celebrates the birth of Krishna, the eighth avatar of Vishnu. to know more please visit here once http://prabhudarshan.in/krishna-janmashtami-2018/
gtenny181890340
8/27/2018 | 12:34 AM CDT
Its good to know the details on the Canada markets, do check out my articles <a href="https://newkodiaddons.weebly.com/">kodi addons and builds</a>
aprabh1741290018
8/20/2018 | 6:57 AM CDT
https://hotstarapps.in/
rrani1544394396
7/28/2018 | 4:00 AM CDT
Nice info thanks for sharing. Regards : <a href="https://grammarchecker.net">Grammar check</a>, <a href="https://www.mp3park.com/">Youtube converter</a>
ALee1287593248
7/16/2018 | 7:01 AM CDT
When you go shopping to your neighborhood grocery store or sign an agreement with clients or a business you are in the private area or <a href="https://myassignmenthelp.com/uk/coursework-help.html">coursework help UK</a> a market economy. People in general or government area of the economy is kind of a summon economy, much the same as communism was.
h15428739007
7/10/2018 | 4:52 PM CDT
For Metro PCS Login, you need to follow the instructions mentioned below. After logging into your account, you can pay the bills. However, we have also provided the information related to <a href="https://metropcsbillpay.xyz/">metro pcs bill pay</a> Payments.
rroy1932995536
7/4/2018 | 11:05 PM CDT
In this article is well described the Canada market and it is graphically shared. It makes easy for the readers to understand about market growth depending on the season vise. Thanks for this informative article. <a href="http://www.instantechsupport.com/malware-removal/">malware removal</a>
MMurphy1778607648
7/1/2018 | 2:40 PM CDT
I'm getting excited about this kind of beneficial information of your stuff in the future [url=https://wordmasters.co.uk/]Essay Writers[/url]
skhatri1752572885
6/14/2018 | 11:38 AM CDT
[url="https://www.fiverr.com"]https://www.fiverr.com[/url]
skhatri1752572885
6/14/2018 | 11:37 AM CDT
[url=https://www.fiverr.com]https://www.fiverr.com[/url]
lblue197767813
6/14/2018 | 7:38 AM CDT
LiteBlue is the U.S. Government website this is intended for authorized use only by Postal Service employees, lite blue. <a href="https://liteblueusps.online/">usps liteblue login</a>
skhatri1752572885
6/11/2018 | 12:39 PM CDT
I am overwhelmed by your post with such a nice topic. Usually I visit your blogs and get updated through the information you include but today’s blog would be the most appreciable. Well done! <a href="https://www.naturalfoodseries.com/11-benefits-beetroot">Beets</a>
rroy1932995536
6/11/2018 | 6:57 AM CDT
In this article is well described the Canada market and it is graphically shared. It makes easy for the readers to understand about market growth depending on the season vise. Thanks for this informative article. <a href="http://www.instantechsupport.com/malware-removal/">malware removal</a>
MCarl766316798
5/21/2018 | 2:35 AM CDT
good one <a href="#"> html </a> [url=#] bbcode [/url] [url={param}] param [/url]
ajohn1987819309
12/22/2017 | 12:09 AM CST
the Walmart Credit Cards Login process also comes up with the credit card facility for the customers
AJohn810939059
12/4/2017 | 2:02 AM CST
That is Canada is a market economy in the private part or business buy essay online cheap portion of the economy. When you go shopping at your neighborhood supermarket or consent to an arrangement with customers or a business you are in the private zone or a market economy.
AAlaric945561739
12/2/2017 | 6:47 AM CST
I think reap climate was great for a significant part of the fall, enabling makers to pull off well better than expected crop quality. In spite of the fact that field conditions stayed dry for most of the territory, makers had less rain delays than in earlier years and could take most yields off in moderately great condition. well visit our website given there link Essay Help.
AChad1055398708
11/24/2017 | 12:52 AM CST
I'm not aware from the current situation of winter crop ratings, though crop progress and condition estimates are based on survey data collected each week from early April through the end of November. Can someone do my assignment
HCarter1149339641
11/20/2017 | 3:20 AM CST
I have done BS in economics and working as business writer at Dissertation Help London. Whenever I have to write some kind of analysis task of business I must try to read out the blog of Cliff Jamison.
JMoliver1901323796
11/10/2017 | 12:27 AM CST
Acknowledge In Canada Market, they have a very excellent Crop Progress policy. I would Like to say that as a research writer at Essay Help I do some research on their official website.
EHermione448844481
10/17/2017 | 5:46 AM CDT
That is Canada is a market economy in the private part or business Essay Help segment of the economy. When you go shopping to your neighborhood grocery store or sign an agreement with clients or a business you are in the private area or a market economy. People in general or government area of the economy is kind of a summon economy, much the same as communism was. When you pay assesses or get welfare or some other sort of government cash, you are in the general population division or an order economy.
eliseward92
10/4/2017 | 2:01 AM CDT
This information is useful for the startups and also for me. I am a student of business administration and providing essay help online to students. I am thinking about to start my own business.
eliseward92
10/4/2017 | 2:00 AM CDT
JPlayhsers1490644907
4/7/2016 | 2:20 AM CDT
The marketing information is very nice and providing good content to the users. It is really nice and following great way of writing. Academic writing help