North Gower Grains

Tuesday, November 3, 2026, 7:30 am

Monday was a mostly up day for our markets. Harvest corn closed up 1/2, harvest soybeans closed down 17 1/2, spot winter wheat closed up 3 and spot spring wheat closed up 2. In the overnight trade corn and the wheat sector are negative with soybeans mixed. Oil closed down $7.66 yesterday at $96.46 per barrel. It is stronger in trading this morning with it now priced at $98.12. Our dollar has traded between a low of $0.714 US and a high of $0.717 US over the last 24 hours. This morning it is currently valued at $0.715 US.

The soybean market plunged lower again yesterday. Harvest pressures with sharply lower energy prices applied pressure on the negative side for soybeans. Prices have now closed lower on the CBOT for 6 consecutive trading days. This market is looking for reasons to rally and just cannot find any at this time. With the monthly WASDE report due next Tuesday and thoughts that the average yield in the US might be further increased this will put further pressures on prices. The trend is definitely not our friend in this market.

Corn prices were supported yesterday by an export sale announcement to Mexico. This sale totalled 69 million bushels and is spread out over two marketing years. It was the 8^th largest daily sale ever announced for US corn and this helped corn prices to pull out of the negative and close just positive yesterday. We should note that prices just closed positive and definitely did not break out of the current downward spiral in this market.

Yesterday the USDA released their Weekly Crop Progress Report. Their corn harvest increased by 14% week over week to come in at 74% complete. This is still slightly behind their 5 year average of 78% for this time of the year.

For their soybean crop the harvest is reported as 88% complete. This is up from 79% last week and remains ahead of their 5 year average of 84% complete.

Plantings for their winter wheat crop have reached 83% complete. This is up from 76% last week and is just behind the 5 year average of 84% planted.

This report should be considered mostly neutral for our markets. Harvest is progressing for the row crops and the winter wheat crop is on pace with its planting progress.

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