North Gower Grains

Thursday, March 26, 2026, 7:05 am

Wednesday was a positive day for our markets.  Spot corn closed up 4 3/4, spot soybeans closed up 16 3/4, harvest winter wheat closed up 6 3/4 and harvest spring wheat closed up 9.  In the overnight trade corn, soybeans and spring wheat are positive with winter wheat on the negative side.  Oil closed down $2.03 yesterday at $90.32 per barrel.  It is stronger in the overnight trade with it now valued at $93.22 per barrel.  Our dollar started out yesterday morning at $0.726 US and has trended lower since then.  This morning it is currently valued at $0.723 US.

Soybean prices led our markets higher yesterday with an announcement out of the White House that the meeting between President Trump and President Xi has been rescheduled for May 14 and 15.  This confirmation stopped the rumours that the meeting was being postponed until after the current conflict with Iran was ended.

Brazil has come to an agreement with China that will ease some of the current phytosanitary restrictions related to soybeans being shipped to China.  More specifically the restriction on weed seeds was greatly reduced.  With soybeans being able to ship once again from Brazil it makes it more unlikely that China will step up purchases of old crop soybeans from the US at this time.

Nothing really new in the war between the US and Iran today.  The US side is talking about continued negotiations with Iran with the Iranian side stating that no real negotiations are taking place.  They also seem to be stating that they will not accept the terms that President Trump is supposedly presenting to them.  Crude oil prices continue to fluctuate and could easily swing either way depending on how the war progresses.

As we mentioned yesterday morning there was an announcement in the US to allow a 15% ethanol blend for this coming summer.  Although this is seemingly the same announcement for the last 5 summers it should provide support to the ethanol market which of course provides support for corn.  Ethanol production in the US was up 2% last week to come in at 1.116 million barrels per day.  Inventory levels also increased as blending demand was flat.

The Wheat market was also strong yesterday and was most likely supported by reports that wheat acres would be significantly reduced this year in Australia.  Their acreage is expected to decrease due to a lack of nitrogen fertilizer that this crop requires and also due to the high cost of the nitrogen fertilizer that is available.