North Gower Grains

Wednesday August 5, 2026 7:25 am

Tuesday was a negative day for our markets.  Harvest corn closed down 7, harvest soybeans closed down 14 1/2, harvest winter wheat closed down 12 1/2 and harvest spring wheat closed down 10 1/2.  In the overnight trade our markets remain on the negative side.  Oil closed down $4.77 yesterday at $75.77 per barrel.  It is stronger in trading this morning with it now priced at $76.09.  Our dollar started out yesterday at $0.712 US, went down to $0.710 US before lunch and has traded near the low end of the range since then.  This morning it is currently valued at $0.711 US.

Our markets pulled back yesterday and were led by the decrease in crude oil prices.  Another potential peace deal (60 day agreement) is supposedly really close to being finalized which will open the Strait of Hormuz to shipments once again.  This plus the OPEC + group announcing a production increase for September help to drive crude oil prices lower.

Row crops were also driven lower by the current weather forecast for much of the US Corn Belt.  It is calling for precipitation over much of the growing areas and this put pressure on both the corn and soybean markets.  Increased purchases yesterday by China of new crop US soybeans was not enough to keep prices from falling lower.  The market is treating those purchases like they are expected and no longer needed to be rewarded with higher prices.

New crop corn prices closed lower yesterday as they fell below both the 20 and 50 day moving averages.  Stone X in the US released a customer survey backed yield estimates for this growing region.  They are projecting the US average corn yield at 184.8 bushels per acre.  This is higher than the current USDA projection of 183 bushels per acre.  This higher yield estimate is another negative factor for prices.  On the soybean side Stone X came in right in line with the USDA at 53 bushels per acre.  We should note that the next monthly WASDE report will be released next Wednesday and we should expect the USDA to amend yield projections at that time. 

It is looking like the local wheat harvest will ramp back up today.  With all the rains that we are having lately this might be the year that winter wheat gets combined at higher moistures then we all would like.  This should help to protect the quality of the wheat and hopefully minimize any sprouting or fusarium concerns we might encounter as the harvest progresses. 

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