North Gower Grains

Monday, March 16, 2026, 7:25 am

Friday was another mostly positive day for our markets.  Spot corn closed up 4 3/4, spot soybeans closed down 2, harvest winter wheat closed up 15 1/4 and harvest spring wheat closed up 11.  In the overnight trade all of our markets are on the negative.  Oil closed up $3.08 on Friday at $98.71 per barrel.  It is weaker in trading this morning with it now valued at $97.25 per barrel.  Our dollar started out on Friday at $0.734 US and then trended lower going down to $0.727 US before closing out at $0.728 US.  This morning it is trending higher again with it currently valued at $0.731 US.

Soybean futures closed a bit lower on Friday as the market was looking for signs that the upcoming trade meeting between President Trump and President Xi would be going forward.  Unfortunately over the weekend President Trump stated that the meeting may be delayed.  It is thought that he is asking / looking for China to play a significant position in helping to open the Strait of Hormuz. We should also report that the meeting between high level diplomats from China and the US supposedly went well over the weekend.  It has been noted that China is talking that they will live up to the 25 million tonnes of soybean purchases per year going forward and that they are also open to increased agricultural purchases including other row crops.  If this does occur it has a potential to be a game changer for the markets sometime in the future.

The quick rise in fertilizer prices due to the current problems with the flow of ships through the Strait of Hormuz is making more and more news.  Over the weekend it hit the National news here in Canada and the US.  This is bringing up more talk about the possibility of reduced corn acreage this year with the likely switch to increased soybean acres.  How this will all play out will of course depend on how long the current situation in the Middle East lasts.

Last week was the 2^nd consecutive positive week for our markets.  Spot corn closed up $6 per tonne with this year’s harvest up $7 per tonne.  Soybeans were up $6 per tonne across the board.  Hard Red Spring Wheat was up $1 per tonne on the spot market and $2 per tonne for this year’s harvest.  Winter wheat ended the week up $1 per tonne across the board.

Managed money continues to increase their long position (looking for prices to go up) in both corn and soybeans.  For the week ending last Tuesday they had the fourth largest week on record for long purchases which increased their position to 199 thousand contracts.  In soybeans their position increased to 211 thousand long contracts.  In the SRW market they still have a small short position (looking for prices to go down) and a small long position in the HRW market.   We should also point out that the analyst we follow are talking that managed funds likely were large purchases for all of our commodities over the rest of last week.