Tuesday, February 18, 2025, 7:15 a.m.

The markets were closed yesterday in the US for Presidents Day.  Friday was another positive day for our markets.  Spot corn closed up 2 3/4, spot soybeans closed up 6, harvest winter wheat closed up 22 1/4 and harvest spring wheat closed up 17 1/4.  This morning corn is still positive with soybeans and the wheat sector now on the negative side.  Oil closed down $0.55 on Friday at $70.74 per barrel.  It is stronger this morning with it currently valued at $71.33 per barrel.  Our dollar traded between a low of $0.704 US and a high of $0.707 US on Friday with it closing out at $0.705 US.  With some choppy overnight trading it is once again valued this morning at $0.705 US.

Yesterday we talked about some factors that are affecting the wheat market.  This morning let’s expand on a few more. 

• India and how they are trying to become self-sufficient for their wheat needs with their ever growing domestic demand. Their current crop growing is under some heat stress.  It seems that every year India amends their wheat import policy to protect both domestic production and to insure adequate supply.  From year to year the marketplace is unsure whether India will be a net importer or a net exporter of wheat.
• There is talk that the winter wheat crop in France has been damaged by excess rains this winter. The extent of the damage has not yet been calculated.
• Export wheat prices in Russia have increased for 4 consecutive weeks and should remain firm with their export controls now in place.

Last week President Trump put off any reciprocal tariffs until April 1^st.  This was seen as supportive commodity markets as the longer any tariffs are held off the markets are trading as if they will not come into effect.   It seems the marketplace in general is hoping and believing that any tariffs that do come into play down the road will not be significant.  The traders are carrying on their business like everything is normal.  If only that was true!

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.