North Gower Grains

Thursday, September 10, 2026, 7:05 am

Wednesday was a negative day for our markets.  Harvest corn closed down 5 3/4, harvest soybeans closed down 6 3/4, spot winter wheat closed down 18 1/4 and spot spring wheat closed down 6.  In the overnight trade corn and soybeans are now positive with the wheat sector on the negative side.  Oil closed up $3.02 yesterday at $96.05 per barrel.  It is stronger in trading again this morning with it now priced at $97.97.  Our dollar started out yesterday morning at $0.726 US and has trended lower since then.  This morning it is currently valued at $0.724 US. 

With the negative close yesterday corn has now closed lower for 5 consecutive trading days on the CBOT.  This has come after the funds increased their long position (looking for prices to go up) to an almost record high last week.  It is possible that they have been taking some profits since then and this has helped to push the market lower.  The main bullish factor for this market is lower production this year in the US and the USDA should confirm this with its monthly WASDE report tomorrow.  As we keep saying at what number the USDA pegs the yield at for this year will most definitely give the market direction for the next while.  We should note that there are some concerns that export sales are lagging for the current year in US corn versus the last marketing year.  This is probably the strongest bearish factor currently in the marketplace. 

The soybean market is not really expecting anything major to come out of WASDE report tomorrow.  Yield projections should come in without any major change.  If the USDA does significantly change the average yield projection we could see some drastic moves on the CBOT.  Prices are currently strong for this year’s production.  If you normally sell your soybeans around harvest this is still a great time to get some contracts in place.

Ukraine increased bombings last night into Russia hitting more infrastructure on the energy market specifically targeting another diesel refinery.  You would expect this would be supporting the wheat market with higher prices but we are not seeing it this morning.  Maybe the USDA report will support this market by finally significantly reducing exports out of the Black Sea region and then again maybe they won’t.  This market just seems to only go so far and then pulls back. 

With the war over the Strait of Hormuz seemingly no closer to being over since it started diesel production and supply is making the news cycle more often.  With diesel prices at record high in the US this should continue to be a news item as it is directly affecting costs all over the economy, not just for farmers. 

Geoffrey Guy | 613-880-2707
Delores Seiter | 613-880-7458
Bob Orr | 613-720-1271
Tony Mitchell | 613-227-2525
Office | 613-489-0956