Thursday September 3, 6:50 a.m. - Yesterday corn and wheat were negative with soybeans flat. Overnight our markets are mostly flat. Oil continues it's recent wild ride and is now trading at $46 per barrel. Our dollar is currently trading at $0.754 U.S.. More talk about wheat in the market as Egypt is once again tendering. It should be noted that they are the largest importers of wheat in the world. Either Ukraine or Russia is expected to win this tender based on their low prices. Ethanol production numbers were released yesterday in the U.S. which were somewhat disappointing. The extra corn that was projected just a couple of months ago to be utilised has not been utilised. Although corn usage should still reach intial forecasts of 5.2 billion bushels this year in the U.S.. It seems strange to be disappointed with that number but we should all be thankful that the U.S. (and Canada) has an ethanol mandate or corn prices would be extremely low. Some private firms have recently increased their crop production numbers for this year but they are still below USDA's projections. The looming harvest is hanging over the market and prices may continue to drift lower until actual yield data is released. Please note that wheat harvest is nearing an end and if anybody has wheat to ship to our elevator please give us a call. Please call Geoffrey Guy at 613-880-2707 if you would like any direct ship pricing. Prices quoted herein are for product at our elevator.
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MINNEAPOLIS (DTN) -- Will the nation's railroads be ready for harvest? That's the question transportation regulators, and grain shippers want answered ahead of harvest this fall following last year's lengthy and widespread backlogs.