Monday, March 3, 2025, 7:25 a.m.

Friday was another negative day for our markets.  Harvest corn closed down 6 3/4, harvest soybeans closed down 12 1/4, harvest winter wheat closed down 7 1/2 and harvest spring wheat closed down 7 1/2.  In the overnight trade corn and soybeans are still negative with the wheat sector now positive.  Oil closed down $0.59 on Friday at $69.76 per barrel.  It is a bit stronger in trading this morning with it now valued at $69.84 per barrel.  Our dollar traded between a low of $0.691 US and a high of $0.694 US on Friday with it closing out at the low end of the range.  It has bounced back up some this morning with it currently valued at $0.693 US.

All of our markets had a poor negative week last week.  Spot corn closed down $12 per tonne with harvest 2025 down $6 and harvest 2026 down $8.  Spot soybeans closed down $9 per tonne with harvest 2025 down $11 and harvest 2026 down $8.  Spot spring wheat closed down $10 per tonne with harvest 2025 down $12.  Winter wheat had the largest negative swing with spot down $14 per tonne and harvest down $17 per tonne.  We should note the negative prices came even with some basis improvements for the second straight week.

More talk about the impending tariffs that are to be put into place for tomorrow.  The US Commerce Secretary said on Sunday that the tariffs are still coming on Tuesday however the exact level and what they will be placed on will be announced by President Trump.  I read an article on the weekend that reported that Mexico had offered to match all US tariffs against China in order to get the US to skip any tariffs against Mexico.  It seems that any negotiations to minimize or stop the tariffs are ongoing.

Corn has now traded lower for six consecutive days on the CBOT.  Soybeans and wheat each only had one positive trading day last week.  Nearby corn on the CBOT had it largest one week loss since the summer of 2022 with nearby corn down for the second consecutive week for the first time since November of last year.  Similarly soybeans had their biggest weekly loss in the nearby month on the CBOT since November.  Both of these markets are falling near their 100 day moving averages as the doom and gloom mode seems to be taking over our commodities.

There is some wheat news this morning to help support the market.  Extreme hot dry weather in India has stressed their current crop over the last month and is expected to continue over the current month.  With the current stresses it is looking like India will end up importing some wheat this year, not self-sufficient or an exporter as their government is trying to be.  Also the winter wheat crop in France is under stress due to too much moisture.  It is being compared to last year’s crop which ended up coming in below average.

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.