North Gower Grains

Tuesday, July 28, 2026, 7:25 am

Sorry for the extra email yesterday at 5 pm.  We have been updating our email server and that email was erroneously sent. 

Monday was a negative day for our markets.  Harvest corn closed down 13 1/2, harvest soybeans closed down 39 3/4, harvest winter wheat closed down 16 1/4 and harvest spring wheat closed down 1 1/2.  In the overnight trade corn is now positive with soybeans and the wheat sector on the negative side.  Oil closed down $6.70 yesterday at $82.61 per barrel.  It is weaker again this morning with it now priced at $81.03.  Our dollar traded mostly flat yesterday between $0.708 US and $0.709 US.  This morning it is at the high end of the range with it currently valued at $0.709 US. 

Soybeans led our markets lower yesterday.  It gave back almost 90% of the gain from last week.   Soybean oil was down hard with the pull back in crude oil and this was part of the issue.  President Xi from China talked yesterday about their stronger trade ties with Brazil and how it will continue to progress.  This really is a long term negative for the soybean market with thoughts that US soybeans will see less demand from China as time progresses.

The updated weather forecast is showing rains in the Eastern Corn Belt and continued hot dry weather in the Western Corn Belt.  Overall the marketplace has taken this as a bearish sign going forward. 

It is interesting to see this morning that row crops are not trading stronger based on the decreased crop ratings noted below.  You would also expect that the wheat sector would rally based on continued problems with shipments out of the Black Sea and other global wheat production issues.  The markets are not doing what the fundamentals would expect but remember the market does what the market does and it never has to be logical.  Many analysts will say this is mostly due to managed money adjusting their positions.  They really have too much control over our markets!

The USDA released their weekly Crop Progress Report yesterday.  The good to excellent rating for their corn crop decreased 4% week over week to come in at 63%.  Last year at this time the crop had a 73% good to excellent rating.  They also reported that 78% of the crop is now silking.  This compares to 73% at this time last year and the 5 year average of 74%. 

For their soybean crop the good to excellent rating decreased 3% week over week to come in at 63%.  Last year at this time their soybean crop had a 70% good to excellent rating.  They also reported that 47% of the crop is setting pods.  This compares to 39% at this time last year and the 5 year average which is also 39% setting pods.

The good to excellent rating for their spring wheat crop was unchanged week over week at 53%.  Last year at this time the spring wheat crop had a 49% good to excellent rating.

For winter wheat the harvest continues with it now reported at 81% complete.  This compares to the 5 year average of 79% harvested for this time of the year.

This report should be bullish for corn and soybeans with the decreased good to excellent ratings.  For the wheat sector it is mostly neutral.

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