Monday was a mixed day for our markets. Spot corn closed up 4, spot soybeans closed unchanged, harvest winter wheat closed down 1 3/4 and harvest spring wheat closed down 1 1/2. In the overnight trade all of our markets are now on the positive side. Oil closed up $2.26 yesterday at $72.32 per barrel. It is stronger in trading again this morning with it now valued at $73.35 per barrel. Our dollar started out yesterday morning at $0.697 US and then went up to $0.699 US around noon. It then trended lower going down to $0.697 US in the overnight trade before bouncing back up this morning to $0.698 US.
After our markets started the Sunday night trade and then into Monday morning on the negative side it was nice to see them bounce back somewhat as the trading day progressed. It seems that our commodities have so far escaped much of the tariff talk at least from a negative response from one of the US trade partners. As we are well aware this all could all change with one tweet from President Trump. Stay tuned as the ride will surely remain bumpy and unpredictable going forward.
Today the USDA releases their monthly WASDE report. The February report is usually not a market mover and the trade is not expecting much today. The trade is looking more at corn stocks in the US and think that they could shrink again as domestic demand and exports have remained strong. For soybeans and wheat the view might be more to the world market.
It will be interesting to see if the USDA makes any significant changes to the production estimates for Brazil and Argentina for this year. It is possible that they could increase the soybean production in Brazil and potentially show a decrease for both corn and soybeans in Argentina. If any changes are made they are expected to be small in nature.
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.
Delores Seiter | 613-880-7458
Bob Orr | 613-720-1271
Office | 613-489-0956
