Friday, January 31, 2025, 7:25 a.m.

Thursday was a mixed day for our markets.  Spot corn closed down 6 3/4, spot soybeans closed down 16 1/2, harvest winter wheat closed up 2 1/2 and harvest spring wheat closed up 6 3/4.  In the overnight trade all of our markets have now fallen back on the negative side.  Oil closed up $0.11 yesterday at $72.73 per barrel.  It is weaker in trading this morning with it now trading at $72.63 per barrel.  Our dollar started out yesterday at $0.694 US and traded flat until it fell almost straight down to $0.686 US late in the afternoon.  It has bounced back up some since then with it currently valued this morning at $0.691 US.

President Trump announced yesterday afternoon that they would be proceeding with the 25% tariff against both Canada and Mexico on Saturday.  It was at that time that our dollar took the big dive in value.  There was no mention of the earlier talked about tariffs on China.  How this will affect our commodity markets will be playing out very shortly.

Corn and soybeans pulled back yesterday and this most likely was some profit taking by the speculative funds.  Soybean prices were also pulled lower as soybean meal prices have fallen both in the US and South America.  US soybean meal is now more expensive on the world market then soybean meal from either of Argentina or Brazil.  Further to this a strong supply in the US is pushing domestic prices lower.

It was nice to see that the wheat market was able to close positive yesterday after trading part of the day on the negative side.  No real new news to work with as hopefully the market is just seeing that world wheat fundamentals are pointing to higher prices.  Remember nothing is never guaranteed in our markets and this is especially so in the wheat complex.

Friday’s thought: Sometimes talking to your sister is all the therapy you need.  And sometimes you need therapy after talking to your sister!

If you would like to talk about the markets or price some of your crop for the future or in store, please reach out to us via phone or email to info@northgowergrains.com. Prices quoted herein are for product at our elevator.