North Gower Grains

Monday, June 29, 2026, 7:10 am

Friday was a negative day for our markets.  Harvest corn closed down 1 1/2, harvest soybeans closed down 3/4, harvest winter wheat closed down 11 3/4 and harvest spring wheat closed down 9 3/4.  In the overnight trade corn, soybeans and winter wheat remain negative with spring wheat now on the positive side.  Oil closed down $2.69 on Friday at $69.23 per barrel.  It is stronger this morning with it currently priced at $69.83.  Our dollar traded in a narrow 10 basis point range on Friday between a low of $0.704 US and a high of $0.705 US.  This morning it is at the high end of that range with it currently valued at $0.705 US. 

A dome of heat is settling over the majority of the Corn Belt in the US and this should be supporting prices this week.  However, so far it has not as prices pulled back at the end of last week and are negative again this morning.  It seems that the marketplace is feeling that there is adequate moisture in the soil and as such the growing crops will not be put under very much stress.  Much of Europe is having its own heat wave and prices there have not really rewarded the stress that their crops are under.  With the harvest starting for their winter crops it is thought that the current heat will have minimal impacts on yield potential. 

Tomorrow the USDA releases their much anticipated Planted Acres Report and Quarterly Stocks Report.  The USDA has surprised the markets many times with these reports with changes in acres usually the catalysts.  We should note that the analysts are not looking for much of a change from the Intended Acres Report from the end of March. 

Managed money has changed from a very large long position (looking for prices to go up) to a small short position (looking for prices to go down) since early May in our markets.  On May 5 they had a net long position of 549,000 contracts in the combined corn, soybean and wheat markets.  Since then they have sold 657,000 contracts and currently have a short position in both the corn and wheat markets.  The liquidation of their long position has corresponded with the pullback in commodity prices that we have seen this spring. 

Last week was a mostly negative week for our markets.  The corn market closed down $2 per tonne on both the spot market and for this year’s harvest.  For next year prices were down $1 per tonne.  Soybeans closed even on the spot market with them up $4 per tonne for this year’s harvest and $3 per tonne for harvest 2027.  Winter wheat was down $10 per tonne on both the spot market and for this year’s harvest.  It was down $7 per tonne for next year’s harvest.  Spring wheat was down $15 per tonne on the spot market, $14 per tonne for this year’s harvest and $4 per tonne for harvest 2027.