Ontario Weather Brings Relief, Pressure on Corn Prices

Excessive moisture in parts of Ontario has led to moderate to heavy rains in southwestern Ontario since early September, providing much-needed water for row crops. The region received amounts ranging from 50 to 100 mm, with some areas receiving up to 150-200% more moisture than normal over the past month.

Despite above-normal temperatures persisting in late August and early September, with highs mostly in the upper 20s and low 30s C, moderate temperatures have moved into southern Ontario. The mild weather has helped row crops advance rapidly, with soybeans nearing maturity.

Corn prices have fallen nearly 10 cents per bushel over the past two weeks but remain close to recent market highs. The December contract is trading just below $5.30/bushel. A bullish USDA report on Sept. 11 and lower corn yields reduced total production, tightening ending stocks and supporting corn values.