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We finished off the week surprisingly strong. Russia struck two food export terminals at Ukraine's Pivdennyi port today, one of which is owned by a Singaporean company. Agricultural products destined for Asian and African countries were destroyed in them. This has given the market enough of a reason to add some risk premium in and bounce prices up as we head into the weekend.
Since last Friday, corn is down 2 cents, soybeans are down 23 1/2 cents, and wheat is down 5 3/4 cents.
As announced today, the U.S. EPA will temporarily expand sales of higher-ethanol blends of gasoline (E15) this summer, seen as a win for U.S. ag as it raises ethanol (thus corn) demand. Higher ethanol blends can increase smog in hot weather, but the difference between E15 and E10 is minimal.
For those of you looking for more tools in your grain marketing toolbox, I would encourage you to look into the Agricorp Risk Management Program. In the program, payments are made if a crop's market prices fall below the annual support level. The support level is based on the target price, which is calculated annually by the Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA). Rates have been posted, and the deadline to apply is May 10th.
Midday Text Updates
If you wish to join our text updates list for midday market update texts, please text GRAIN to 519-800-0436. You can opt out at any time.
Wanstead History Displays
For any employees or members (past or present), this is a request to you! The Wanstead 100th Anniversary Committee is working on displays for our August 17th celebration, and we would love to see or borrow any pictures, newspaper clippings, or memorabilia you may have. We are looking for pictures of the facilities through the years (Wanstead, Wyoming, Alvinston, and Inwood), as well as people at the branches. We have acquired many pictures over the years, but we would love to increase our archives and add to our displays! Any material that you have that fits this criteria can be brought to our Wanstead or Alvinston branch, or can be sent to Megan at meganm@wansteadfarmerscoop.com. Thank you!
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