North Gower Grains

Monday, November 2, 2026, 7:35 am

Friday was a negative day for our markets.  Harvest corn closed down 3 1/2, harvest soybeans closed down 1/2, spot winter wheat closed down 1/4 and spot spring wheat closed down 3/4.  In the overnight trade corn and the wheat sector are positive with soybeans mixed.  Oil closed up $2.12 on Friday at $104.12 per barrel.  It is weaker in trading this morning with it now priced at $99.91.  Our dollar traded between a low of $0.715 US and a high of $0.718 US on Friday with it closing out at $0.716 US.  It is down just a bit this morning with it currently valued at $0.715 US. 

All of our markets spent some time on Friday on the positive side before ultimately closing on the negative side.  Soybeans were the last one with them pulling back in the last couple of hours of trading.  This just kept the negative trend for October going.

Some of the analysts that I follow are starting to talk about whether the bottom is in for soybeans.  They talk about crusher demand in the US and China’s continued large appetite for imports as positives in this market.  They also talk about the potential that production in Brazil could be impacted this year due to the El Nino weather pattern.  All in all they are looking for reasons for this market to turn around.  The short term negative is of course the new record yield being harvested in the US.  Even with the price pull back over the last two months in this market the long term upward trend is still intact.  Prices on the CBOT remain above both the 1 and 2 year averages.  However, we do have to note that they are below the 100 day moving average and the short term trend is of course negative. 

How managed money is controlling their flow of funds in our markets continue to have a major effect on prices.  As of last Tuesday they had reduced their long position in the corn market by another 83,310 contracts to come in at 81,113 on the long side.  They have reduced their position by over 330 thousand contracts since early in September.  Until they quit liquidating this position the downward pressure on prices will continue.  Much the same has occurred in the wheat market.  For soybeans the liquidation has not been as pronounced.

Last week was another negative week for our markets.  For the month of October harvest corn was down $26 per tonne with harvest 2027 down $15 per tonne.  Soybeans were down $40 per tonne for this harvest and $16 per tonne for next year’s harvest.  Winter wheat was down $28 per tonne on the spot market and $27 per tonne for next year’s harvest.  Spring wheat was down $19 per tonne on the spot market and $23 per tonne for next year’s harvest.  It was a brutal month for our markets and hopefully something will turn our markets around this month. 

Geoffrey Guy | 613-880-2707
Adam Plater | 613-220-8961
Bob Orr | 613-720-1271
Tony Mitchell | 613-227-2525
Office | 613-489-0956