DTN Wheat News

FARM MARKET NEWS - SOYBEAN AND WHEAT REPORT FOR Thu, August 22 Exchange rate was 1.3293 up 0.0011 Chicago soybeans closed slightly lower. NOV19 HI 8.82 NOV19 HI 8.82 LOW 8.67 3/4 LOW 8.67 3/4 CLOSE8.68 3/4 Down 4 1/4 CLOSE 8.68 3/4 Down 4 1/4 OLD CROP NEW CROP Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt ELEVATORS +NOV1+NOV1+NOV19 CK Low 2.20 10.89 400.052.05 10.74 394.54 CK High 2.30 10.99 403.722.13 10.82 397.48 CK Average 2.24 -0.4610.93 401.642.10 -0.5510.78 396.25 Essex Cty 2.25 10.94 401.882.10 10.79 396.37 Mdsx Low 2.14 10.83 397.842.06 10.75 394.90 Mdsx High 2.30 10.99 403.722.10 10.79 396.37 Mdsx Average 2.22 -0.4810.91 400.782.08 -0.5710.77 395.64 Hensall 2.30 10.99 403.722.10 10.79 396.37 Bruce 2.25 10.94 401.882.05 10.74 394.54 Putnam 2.30 10.99 403.722.10 10.79 396.37 Burford 2.19 10.88 399.682.11 10.80 396.74 Port Perry 2.16 10.85 398.582.08 10.77 395.64 Norfolk 2.25 10.94 401.882.10 10.79 396.37 Palmerston 2.25 10.94 401.882.05 10.74 394.54 Varna 2.30 10.99 403.722.10 10.79 396.37 Trenton 2.15 10.84 398.212.15 10.84 398.21 Winchester N/A 2.03 10.72 393.80 North Gower 2.00 10.69 392.702.18 10.87 399.31 Huron FOB 2.40 11.09 407.402.20 10.89 400.05 Kent FOB 2.35 11.04 405.562.10 10.79 396.37 Lambton FOB 2.15 10.84 398.212.25 10.94 401.88 Middlesex FOB2.53 2.53 N/A N/A 11.22 412.172.18 10.87 399.31 PROCESSORS Windsor 2.60 11.29 414.742.40 11.09 407.40 TRANSFER Hamilton 2.80 11.49 422.092.55 11.24 412.91 Prescott N/A 2.40 11.09 407.40 Port Colborne N/A N/A Toledo El. -0.33 8.36 307.00-0.49 8.20 301.19 Exchange rate was 1.3293 up 0.0011 Chicago wheat closed slightly higher. SEP19 HI 4.70 1/2 JUL20 HI 4.88 LOW 4.60 3/4 LOW 4.80 3/4 CLOSE 4.67 1/4 Up 4 3/4 CLOSE 4.85 3/4 Up 2 Minni wheat closed slightly lower. SEP19 HI 5.03 3/4 SEP20 HI 5.58 1/4 LOW 4.97 3/4 LOW 5.55 CLOSE 4.98 1/2 Down 3 3/4 CLOSE 5.55 3/4 Down 2 1/2 GFO Cash Wheat Prices - DEL Terminal Harvest 19 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M) Basis 2.00 2.27 1.94 1.24 CAD $/bu 6.68 6.94 6.61 6.23 CAD $/tonne 245.31 255.08 242.87 228.82 Direct MarkHarvest 2019 Harvest 2020 DELIVERED BASIS DELIVERED BASIS Location SWW(C) HRW(C) SRW(C) HRS(M) SWW(C) HRW(C) SRW(C) HRS(M) ELEVATORS Brgssvll N/A N/A 1.60 N/A N/A N/A 1.10 N/A London 1.64 1.91 1.58 N/A 1.24 1.38 1.04 N/A Hensall 1.70 N/A 1.60 N/A 1.30 N/A 1.10 N/A Trenton N/A N/A 1.60 N/A N/A N/A 1.20 N/A Bruce 1.70 2.00 1.60 1.30 1.30 1.50 1.10 N/A Essex N/A N/A 1.55 N/A N/A N/A 1.10 N/A Norwich 1.70 N/A 1.60 N/A 1.30 N/A 1.10 N/A Port Hope N/A 1.85 1.65 N/A N/A 1.45 1.20 N/A Kent Bridge 1.70 N/A 1.60 N/A 1.30 N/A 1.10 N/A Chatham N/A N/A 1.60 N/A N/A N/A 1.10 N/A Brigden N/A N/A 1.60 N/A N/A N/A 1.10 N/A Palmerston N/A 2.00 1.60 1.30 N/A 1.58 1.23 0.95 Varna 1.70 2.00 1.60 N/A 1.30 1.50 1.10 N/A Mitchell 1.70 1.90 1.60 N/A 1.30 1.50 1.10 N/A Thornton N/A N/A N/A 1.54 N/A N/A N/A N/A North Gower N/A 2.15 1.88 1.15 N/A 1.78 1.46 0.90 W O Feed 2.26 TERMINAL Port Colbor 1.98 2.25 1.92 N/A N/A N/A N/A N/A PROCESSORS Toledo FM N/A N/A 1.80 N/A N/A N/A N/A N/A Toledo El. 4.87US 6.48CA 4.81US 6.37CA GFO Contract Wheat Prices - DEL Terminal Harvest 20 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M) Basis 1.52 1.78 1.45 1.01 CAD $/bu 6.37 6.64 6.31 6.57 CAD $/tonne 234.18 243.93 231.75 241.49 (C)-Basis over the Chicago Board of Trade futures (M)-Basis over the Minneapolis Grain Exchange FEED GRAINS FOB Hm Soymeal 460.44 DDG's FOB Srn & Aylm 190.00 - 195.00

DTN Closing Grain Comments 08/22 13:52 Winter Wheat Prices Get Modest Boost December Chicago and KC wheats both closed up 3 3/4 cents Thursday, showing a little benefit from a higher start for exports in 2019-20. November soybeans ended down 4 1/4 cents and December corn was up 3/4 cent while scattered showers worked across the southern Midwest.

DTN Midday Grain Comments 08/22 11:03 Grains Mixed at Midday Wheat leads mixed trade at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are weaker with the Dow 20 lower. The dollar index is 9 points lower. Interest rate products are firmer. Energies are weaker with crude down $0.40. Livestock trade is mixed with cattle leading. Precious metals are weaker with gold 6.30 lower. CORN Corn is narrowly mixed with trade trying to build on the solid close yesterday with two-sided trade so far. Weather should continue to remain a short-term non-issue as the crop tour wraps up today, with few surprises found so far. Ethanol margins remain poor with blenders in the best position currently, with more plants likely to be idled with rumors of the refinery waivers to be reversed. Basis remains mixed overall with harvest getting closer. Weekly export sales remain soft at 119,300 metric tons old crop, and 301,600 of new crop. On the September nearby chart support is likely the $3.59 low with the lower Bollinger Band at $3.47 below that with resistance the 10-day at $3.70. SOYBEANS Soybean trade is narrowly mixed with trade again trying to find some buying support at the lower end of the range and to finally put two positive finishes in a row together with early strength evaporating again. Meal is 0.50 to 1.50 higher, and oil is 5 to 15 points lower. Crush margins remain positive overall, with oil staying towards the upper end of the range. Basis remains flat overall. The Brazilian real is trying to firm off the lows again, with local prices an effective premium to much of the US. The weather looks to be a short-term non-issue for soybeans as well coming forward. The trade situation remains little changed as well. Weekly export sales showed some improvement at 25,900 metric tons of old crop, 792,600 metric tons of new crop, 118,600 metric tons of old meal, 13,400 of new meal, and 2,200 of oil. September chart support is the lower Bollinger Band at $8.42, with the next round up the 10-day $8.65 which we tested again today. WHEAT Wheat trade is 2 cents lower to 3 cents higher at midday with light buying with all contracts trying to shake off oversold conditions. The Kansas City/Chicago spread is at 75 after a high of 90 cents last week and a low of 71 cents this week with Kansas City gaining slightly overnight. The corn/HRW spread is wider, back to 27 cents. Kansas City wheat is now back to competitive on the world market trading as well as into feed rations. Spring wheat harvest should expand with winter wheat just about wrapped up, with Europe progressing as well. The dollar remains near the upper end of the range, limiting upside potential. Weekly export sales showed improvement at 594,600 metric tons. The September Kansas City chart support is the new low at 3.80 3/4 with the first resistance the 10-day at $3.91 which we are just below. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (CZ) Copyright 2019 DTN/The Progressive Farmer. All rights reserved.

DTN Weather Trend Indicators 08/22 09:09 Weather Indicator status values are: Corn=Neutral Soybeans=Neutral Wheat=Neutral LEGEND: The indicator choices are: Corn, Soybeans, Wheat The status choices are: Up, Down, Neutral For example: Corn=Neutral (ES)

DTN Early Word Grains 08/22 05:57 Grains Slightly Higher as Rain Falls December corn is up 1/2 cent, November soybeans are up 1 cent and December KC wheat is up 1 3/4 cents. By Todd Hultman DTN Lead Analyst 6:00 a.m. CME Globex: December corn is up 1/2 cent, November soybeans are up 1 cent and December KC wheat is up 1 3/4 cents. CME Globex Recap: U.S. stock futures and European stock markets are lower early Thursday with China still talking about retaliating to new U.S. tariffs, set to take place on September 1. Wednesday's minutes from the latest Fed meeting showed two members dissented, favoring no rate cut on July 31. Outside of grains, most commodities are trading higher early Thursday. OUTSIDE MARKETS: Previous closes Wednesday showed the Dow Jones Industrial Average up 240.29 at 26,202.73 and the S&P 500 up 23.92 at 2,924.43 while the 10-Year Treasury yield ended at 1.58%. Early Thursday, the September DJIA futures are down 42 points. Asian markets are higher with Japan's Nikkei 225 up 13.16 (0.06%) and China's Shanghai Composite up 8.03 points (0.29%). European markets are modestly lower with London's FTSE 100 down 48.60 points (-0.67%), Germany's DAX down 38.50 points (-0.33%) and France's CAC 40 down 28.99 points (-0.53%). The September euro is down $.001 at $1.11. The September U.S. dollar index is up 0.04 at 98.22. The September 30-year T-bond is down 2/32nds, while December gold is down $8.00 at $1,507.70 and October crude oil is up $0.38 at $56.06. Soybeans are slightly lower and meal is modestly higher on China's Dalian Exchange. November palm oil is up 2.1% at a new five-month high.

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