North Gower Grains

Thursday, July 23, 2026, 7:25 am

Wednesday was a positive day for our markets.  Harvest corn closed up 9 1/2, harvest soybeans closed up 16 3/4, harvest winter wheat closed up 21 1/4 and harvest spring wheat closed up 6 1/4.  In the overnight trade corn and soybeans remain positive with the wheat sector mixed.  Oil closed up $2.39 yesterday at $86.83 per barrel.  It is stronger in trading again this morning with it now priced at $90.67.  Our dollar had a low yesterday morning of $0.709 US and then trended higher going up to $0.711 US in the overnight trade.  It has pulled back a bit this morning with it currently valued at $0.710 US. 

Spring wheat prices have now rallied for ten straight trading days.  They have regained almost all of the losses from earlier this year and are once again trading near 2026 highs.  This market is being supported by hot dry prices in the spring wheat growing areas of the US and this was reflected with the decreased crop ratings that came out on Monday.  This growing area is projected to have temperatures of about 10 degrees Fahrenheit above normal over the next ten days with limited precipitation. 

Wheat prices continued to be supported by the war between Russia and Ukraine.  Reports out of Russia have them restricting vessel movement out of their ports on the Black Sea.  Vessel movement to the Ukrainian Port of Odessa is currently almost nil with insurance companies pulling out of this region for the shipping industry.  This lack of movement of wheat is bringing support to the market along with reduced production this year in other growing areas around the globe.  These include North America, Europe and Australia. 

Crude oil prices have rallied back above the $90 per barrel level this morning with more problems around the conflict versus Iran.  Two ships carrying oil from Saudi Arabia were attacked by Iran backed Houthi militants in Yemen in the Red Sea.  This is opening a second front that could once again greatly affect the flow of crude oil out of the Middle East. 

Weekly ethanol production bounced back last week in the US recovering most of the prior week’s unexpected decline.  Production increased over 5% coming in at 1.094 million barrels per day.  Blender demand was up over 3% and export demand also increased.  Net result was that ethanol stocks increased by 0.4% week over week.  All in all ethanol remains a bright spot for corn usage and prices going forward.

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