Grains closed mixed:

Corn – 5 3/4 cents/bu (May @ 5.46 3/4)

Soybeans – 7 1/2 cents/bu (May @ 13.93)

Chi Wheat +3 1/2 cents/bu (May @ 6.16 3/4)

Cdn $ +0.00020 (79.395 cernts)

WTI Crude Oil +0.59/barrel (61.56)

We are so thrilled to share with you our exciting news …

Wanstead Farmers Co-operative announces expansion to grain facilities

ALVINSTON, ONTARIO, March 29, 2021 – Wanstead Farmers’ Co-operative celebrates groundbreaking at site of new grain facilities at Alvinston location.

The new facilities in Alvinston will increase the previous drying and storage capacity for the members of Wanstead. The expansion includes two 150,000-bushel dry bins, two 45,000-bushel wet bins, and a new high-efficiency grain dryer. These facilities broke ground at the end of March and are expected to be up and running for corn harvest this year. The increased capacity allows Wanstead to continue serving the increased demand for space by its members, as well as position themselves for future growth.

“This is about investing in our future by improving our capacity to meet our farmer-owners ever increasing requirements,” said Martin Gerrits, Wanstead Farmers’ Co-operative board president. “Our members trust us to deliver quality products and services, this expansion continues our 97-year history of delivering those services through timely improvements, investments and expansions” said Gerrits.

“Over the last number of years, we have seen large increases in the productivity of acres in Lambton and Middlesex counties,” says Peter Kelly, Wanstead Farmers Co-operative general manager. “The addition of these new facilities will increase our efficiency and continue to offer our customers the grain services they are looking for.”

Others in attendance included Floyd Howard, senior grain merchandising manager for Wanstead Farmers Co-operative, who is looking forward to the increased capabilities for his department and sees strong growth for the co-operative’s membership going forward. And Brooke-Alvinston mayor David Ferguson, showcasing his support of the co-ops expansion and job creation in the community.

Wanstead Farmers Co-operative Co. Limited was established in 1924. It is owned by approximately 500 members. It employs 27 permanent staff members and has locations in Wanstead, Alvinston and Inwood. Wanstead Farmers Co-operative provides agronomy products and services, grain handling and marketing, feed and consumer products to farmers and residents of Lambton County and the surrounding area. Wanstead Farmers Co-operative is a member of GROWMARK, Inc. and markets products and services under the FS banner.

In regular grain news, markets this afternoon were quiet.

The grain exports inspections summary was released this morning in million bushels.

Export inspections for U.S. corn and soybeans were as expected last week, but wheat was weaker. Weekly shipments needed to reach USDA's target by August 31 would include 53.6 million bushels of corn and 8.6 million bushels of soybeans (both less than the current pace). Marketing year corn export shipments to date exceed the seasonal pace needed to hit USDA's target by 88 million bushels (81 million the previous week), soybean shipments exceed the pace by 274 million bushels (288 million the previous week), and wheat exports exceed the pace by 24 million bushels (29 million the previous week).

The boat stuck in the Suez Canal has officially been dislodged, and canal traffic has restarted. In the picture below, you can see just have long the queue to get through the canal has become. It is astonishing that a trade route of this importance could have been jammed so easily.

Private consultancy AgRural this morning pegged Brazilian second-crop corn planting at 98% done, with soybean harvest at 71% (down from 76% Last Year).

The trade is expected to be volatile heading into Wednesday’s USDA reports. The trading ranges for corn and soybeans plantings are large, with differences between corn high and low estimates ultimately changing carryouts by approximately 500 million bushels (at average yields), and the soybean spread differing upwards of 200 million bushels. The March Report is notorious for surprising the market and causing major price movement. With all of the unknowns from China to COVID, grains are playing into the uncertainty through price swings. Grains have traded in large ranges today as traders position themselves before the reports: Corn 9 3/4 cents, Soybeans 19 ¾ cents, Wheat 10 ½ cents. It is expected that the closer we get to the reports, the more exasperated these ranges will become.

Funds are expected to be mixed, with corn projected to have sold 12,000 contracts (long 366,000), soybeans are estimated to have sold 10,000 contracts (long 110,000), and wheat is expected to have bought 3,000 contracts (short 4,000).