The Good: Spring wheat futures finished the day higher, which marks the third consecutive day of gains for nearby Minneapolis contracts. If you are wondering if this move is due to the spreads between winter and spring wheat, don’t ask! Spring wheat futures were stronger than the Chicago and Kansas City wheat contracts by only one to two cents per bushel. The wheat market is still being driven by corn values which pushed 10 cents per bushel higher on the day. March spring wheat futures closed the day at US$6.41 per bushel.
The Bad: The job of the feeding cattle and hogs in Western Canada continues to be difficult as rising corn prices push the values of other feed grains higher. Last week Canada exported 148,400 tonnes of barley from the West Coast to Asian destinations. That puts the barley exports this year 739,200 tonnes ahead of last year’s pace. This is not the end of the exports shipments as Vancouver terminals held 136,900 tonnes on January 10th. Remember that all of this business was done before the jump in corn prices.
The Ugly: The clipper system that tracked across the Prairies brought high winds across the region with the highest winds reported in Saskatchewan. Wind gusts today remained strong with the highest winds reported in the southeastern areas of Saskatchewan and parts of western Manitoba. Why bother go to the Gulf Coast to experience hurricane winds when you can just stay at home! A category 1 hurricane begins with sustained winds of 119 to 153 kilometres per hour.