North Gower Grains

Wednesday, September 2, 2026, 8:25 am

Tuesday was a nice positive day for our markets.  Harvest corn closed up 7 3/4, harvest soybeans closed up 30 1/2, spot winter wheat closed up 7 and harvest spring wheat closed up 13 1/2.  In the overnight trade all of our markets have fallen onto the negative side.  Oil closed up $4.02 yesterday at $90.22 per barrel.  It is weaker in trading this morning with it now priced at $89.46.  Our dollar started out yesterday morning at $0.721 US and has trended lower since then.  This morning it is currently valued at $0.718 US.

With all of our markets stronger yesterday they all made new contract highs.  The markets have pulled back this morning likely with managed money cashing in some profits. 

Managed money has recently increased their long positions (looking for prices to go higher) in all of corn, soybeans and wheat.  As of last Tuesday, they held 742,000 contracts on the long side.   Last winter they had a net long of 895,000 contracts.  Analysts are thinking that the current long will probably approach that number with the corn market possibly being at a new record long position.  They are betting on many different items to support their positions.

Soybeans purchases from China continue to occur with the visit of President Xi still on the schedule for later this month.  It is estimated that they have purchased roughly 11 million tonnes of the 25 million tonnes that has been set as a target.  There is also much talk about the soybean yield in the US may come in lower than current estimates.  A 1 bushel drop in yield would result in roughly 90 million less bushels with ending stocks becoming even tighter for the coming marketing year.  The decreased crop rating of 2% down to 58% good to excellent is also a bullish factor for higher prices this week. 

Russia has waived some export duties on wheat exports.  This in theory should make Russian wheat more attractive on the world market and may help to cover some of the increased cost of shipping due to the current issues with shipments due to the war with Ukraine. 

Oil prices have surged to their highest price since late July.  This surge has come with increased bombings between the US and Iran over the Strait of Hormuz.  This is resulting in some new record high diesel prices in North America. 

As all of our markets are reacting to new headlines it is getting harder and harder to predict price movements going forward.  Prices are all strong and target orders continue to hit.  As we talked about last week many of these targets were set well above the market early this year and now are in play.  Let’s get some new targets set.  Give us a call anytime to discuss how this can assist your farm marketing plans.

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