Thursday was another positive day for our markets. Harvest corn closed up 4 1/4, harvest soybeans closed up 11 1/4, harvest winter wheat closed up 6 and harvest spring wheat closed up 5 1/4. In the overnight trade our markets have fallen back on the negative side except harvest 2026 soybeans which is still positive in limited volumes. Oil closed up $0.05 yesterday at $66.36 per barrel. It is stronger in trading again this morning with it now valued at $67.28 per barrel. Our dollar started out yesterday morning at $0.696 US then went up to $0.702 US before noon. It has stayed within that range since then with it currently valued this morning at $0.698 US.
What are we talking about every day now in this update? Of course tariffs! Yesterday around noon it was announced that the US was going to postpone with Mexico the new tariffs on any products that were under the USMCA Trade Agreement. Later in the day it was announced that the same extension to April 2, 2025 would also apply for Canada. Canadian officials then announced that the additional counter tariffs that it was going to implement have also been postponed at this time. The original counter tariffs would remain in place.
Yesterday we talked about how our markets were trading with some optimism that the tariffs would be postponed or possible some exemptions would be made for agricultural goods. At least for the short term their optimism paid off as both corn and soybeans bounced back above their 100 day moving averages. This morning the markets seem to be taking a bit of a breather and may possibly be looking at other market fundamentals. We will keep a close eye on this and report with our Grains Matter Chatter Podcast at the end of the day.
Friday’s thought: Not everything that weighs you down is yours to carry!
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
