In unpacking the United States Department of Agriculture’s perspective on the upcoming marketing year for U.S. stocks, it looks like nothing more than a goal post at the point in the marketing year with demand just as ambiguous. The USDA’s latest WASDE report pegs new crop corn ending stocks at 3.318 billion which was below… Read More
Author: Matthew Pot
Matthew Pot is an Ontario-based economist and the author of Grain Perspectives. You can follow him on Twitter at @MatthewPot, and subscribe to his daily Grain Perspectives newsletter here.
On Friday, the Canadian dollar rose nearly a cent relative to the U.S. dollar. The sudden ‘strength’ came from a couple of sources. First, more confidence that the Bank of Canada will continue the path gradual rate hikes; second, a weaker U.S. Dollar. Recent Canadian economic data warrants the Bank’s outlook for gradual rate increases…. Read More
The Bank of Canada increased the target interest rate today by 0.25%, to 1.5%. This is now the fourth rate hike, amounting to 1%, since the Bank hiked rates for the first time since 2007 a year ago. Over the last year, the Bank of Canada has matched the aggressiveness of the U.S. Federal Reserve,… Read More
Over 100 farmers from more 30 Ontario counties participated in our ‘roll-call’ on Twitter this past weekend. We asked where they expected to be at with planting corn and soybeans by Sunday evening. Most regions have planted their intended corn acres except regions south of London and the Niagara/Haldimand clay, with some only starting to… Read More
After a late spring, including snow only a few weeks ago, Ontario corn planting is off to the races. A Twitter roll call, with over 100 Ontario producers reporting their progress, suggests that about 10 percent of Ontario’s corn has been planted, as of Sunday night. The majority of producers with 20 percent of planting… Read More
As of Sunday night only five percent of U.S. corn acres had been planted. That’s nine percent behind the five-year average and 10 percent behind last year at this time. This may have you thinking this is bullish for corn prices, right? However, the U.S. farmer, and Canadian alike, can plant at paces never seen… Read More
Today’s updated World Agricultural Supply and Demand Estimates (WASDE) report was by no means a market mover. But, it does pose some questions for the market to digest. Starting with the U.S. Supply and Demand, it was, for the most part, fully influenced by adjustments in export demand. 2017/18 U.S. corn ending stocks estimates were… Read More
The Bank of Canada raised target rates this morning by 0.25 percent. The Canadian dollar (CAD) initially responded by falling over a half cent, but closed the day slightly higher. While rate hike announcements tend to inspire a bullish dollar, what is often overlooked is what the market was expecting prior to the announcement. In… Read More
The USDA released its monthly World Agricultural Supply & Demand Estimates (WASDE) report today. Here’s a summary from Matthew Pot, author of Grain Perspectives: Corn: Corn futures increased by 3 cents today after the USDA threw a curve-ball by increasing corn yields well above the market expectations. The average trade estimates were between 169.7 and 169.9… Read More