North Gower Grains

Tuesday, March 3, 2026, 7:05 am

Monday seemed to be a correction day from Friday’s gains, all the row crop markets were down. Spot corn closed down 2 3/4, spot soybeans closed down 6 3/4, spot winter wheat closed down 14 1/4 and spot spring wheat closed down 2 3/4.  In the overnight trade everything is on the positive side with spot soybeans leading the way. Oil closed up $4.33 yesterday at $71.40 per barrel. It is stronger in trading again this morning with it now valued at $77.40 per barrel. Our dollar traded between a low of $0.731 US and a high of $0.730 US yesterday with it closing out at $0.732 US. With some weaker trading this morning it is valued at $0.730 US.

Grain markets started out strong yesterday morning coming out of the overnight trade but then turning sharply bearish for the rest of the day, with the expectation of soybean oil. Closing on the negative side, winter wheat led the way losing 14 1/4 for the day. The crude oil market continued to be supported by the conflict in the middle east gaining $6.00 alone in the overnight trade last night. Analyst expected that the grain market to be supportive yesterday as they are so closely connected to the energy market.

The US dollar was stronger yesterday which affects the grain export markets. A possible reason for the grain market to be bearish yesterday amidst all the “bullish” news coming out of the middle east. However the grain markets turned back positive in the overnight trade, we will have to wait and see if this support will continue throughout the week.

On the weekend China openly condemned the attacks on Iran. China is very dependent on imports of Iranian Oil. The planned summit between President Trump and President Xi is still scheduled for the end of this month. If this meeting is postponed, delayed or canceled we could potentially see a firm reversal in the US soybean market. If this meeting stays on schedule the soybean market should see some strong support until that time.