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Wittal: Feed barley futures jump

Our online grain markets columnist Brian Wittal welcomes feedback and information on market conditions in your area, such as current offering prices, basis levels, trucking premiums and special crops contracts. Contact Brian today.

March 26 — Financial markets were down most of the day but did end up at the close, showing some nice strength which is a good sign of continued support at these levels.

The Dow Jones closed up 175 points. The U.S. dollar finished up 0.4 cents. The Canadian dollar is up 0.23 cents, closing at US81.29 cents.

Crude oil finished up $1.57, closing at US$54.34 per barrel.

Corn finished up five to six cents a bushel, beans are down two to seven cents a bushel and wheat is up four to seven cents a bushel.

Canola is down from 40 cents to $1.20 per tonne, and barley finished up $8.50, closing at $152.50 per tonne.

Grains finished mixed today as weekly export numbers were up in the U.S., which helped to support grains, but limited trading and no new export business kept markets quiet.

The continued rally in the Canadian dollar, plus beans finishing down, put pressure on canola futures today.

Feed barley futures jumped today, which is a sign that the springtime road ban season is probably having an impact. Resistance seems to be in the $157 per tonne range, so there is room for it to go a little further.

The Canadian Wheat Board’s 2008-09 pool return outlook (PRO) was released today and wheat was unchanged to up $1 per tonne. Durum was up $2 to down $3 per tonne; malting barley was unchanged and feed barley in Pool B was down $3 per tonne.

The new-crop 2009-10 PRO was also released today: wheat was up $8, durum is down $3 and malting barley is down $8 per tonne. Visit the CWB website for more accurate grade specific numbers.

That’s all for today. — Brian

— Brian Wittal has spent over 27 years in the grain industry, including as an elevator manager and producer services representative for Alberta Wheat Pool, a regional sales manager for AgPro Grain and farm business representative for the Canadian Wheat Board, where he helped design some of the new pricing programs. He also operates his own company providing marketing and risk management advice for Prairie grain producers. Brian’s daily commentaries focus on how domestic and world market conditions affect you directly as grain producers.

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