Monday, February 10, 2025, 7:50 a.m.

Friday was a negative day for our markets.  Spot corn closed down 7 3/4, spot soybeans closed down 11, harvest winter wheat closed down 3 3/4 and harvest spring wheat closed down 3/4.  In the overnight trade everything remains on the negative side.  Oil closed up $0.45 on Friday at $71.06 per barrel.  It is stronger in trading again this morning with it now valued at $71.92 per barrel.  Our dollar traded between a low of $0.697 US and a high of $0.700 US on Friday with it closing out at $0.699 US.  In the overnight trade it has fell back with it currently valued this morning at $0.697 US.

Last week was a positive week for our markets.  The markets did close higher and were also supported by some local increases in basis levels.  Spot corn closed up $4 per tonne with harvest 2025 up $3 per tonne.  Spot soybeans were up $5 per tonne with harvest 2025 up $4 per tonne.  Spring wheat was the strongest with the spot price up $14 per tonne and harvest 2025 up $8 per tonne.  Winter wheat was up $10 per tonne for old crop and $7 per tonne for this coming year.

Soybean prices were pressured on Friday with them closing under their 20 day moving average for the first time since Christmas Eve.  The harvest pace has increased this week in Brazil with some dryer weather and is expected to continue to pick up based on the current weather forecast.  Although they are currently about 10% behind in their harvest pace this can quickly change when the weather cooperates.  As we noted on Friday the rains in Argentina were more substantial than originally thought and the forecast going forward is calling for more rain events over the next two weeks.  This is seen as very beneficial for their growing soybean crop.

With markets lower this morning I think we will call this the President Trump affect.  With his administration announcing selected tariffs against the European Union it has put the markets in general on the defensive.  World stock markets are generally a bit lower this morning.

Tomorrow is the monthly release date for the USDA’s WASDE report.  The February report is generally not a major market mover (remember the surprise yield decrease brought forward in January’s report) however with what is occurring in the global marketplace we can never be too sure.  If you would like to take some risk off the table before the report give us a call.

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.