Tuesday was a mostly positive day for our markets. Harvest corn closed down 3 1/2, harvest soybeans closed up 1/4, harvest winter wheat closed up 6 1/4 and harvest spring wheat closed up 2 3/4. In the overnight trade corn is negative with soybeans and the wheat sector positive. Oil closed up $0.35 yesterday at $65.46 per barrel. It is stronger in trading again this morning with it now valued at $66.36 per barrel. Our dollar started out yesterday morning at $0.735 US and then went down to $0.732 US before noon. It has stayed within that range since then with it currently valued this morning at $0.733 US.
Traders have quickly moved past the USDA’s data dump on Monday with the Planted Acres Report and the Quarterly Stocks Report. With no major changes coming from those reports traders will now be focused on the weather going forward and how it will affect the growing crops in the US. Of course with President Trump in charge south of our border we always need to remember that events outside of supply and demand can quickly affect our prices.
The USDA also released their weekly Crop Progress Report on Monday. The good to excellent rating for their corn crop increased 3% week over week to sit at 73%. Last year at this time it had a 67% good to excellent rating. They also report that 8% of the crop is now silting. This is up from 4% last week and compares to 10% last year and the 5 year average of 6%.
For soybeans the good to excellent rating was unchanged from last week at 66%. Last year at this time this crop had a 67% good to excellent rating. They also report that 17% of this crop is now setting pods. This is up from 8% last week and compares to 18% at this time last year and the 5 year average of 16%.
The good to excellent rating for their spring wheat crop decreased 1% week over week to sit at 53%. Last year at this time this crop had a 72% good to excellent rating. They also reported that 38% of this crop is now headed. This is up from 17% last week and compares to 35% last year and the 5 year average of 37%.
Harvest continues for their winter wheat crop with it increasing 18% week over week to sit at 37% complete. This remains behind last year’s 52% complete and the 5 year average of 42%. The remaining crop has a 48% good to excellent rating. This is down 1% from last week and compares to last year’s rating of 51% good to excellent.
This report should be considered bearish prices for corn with the increased good to excellent ratings. For soybeans the report is mostly neutral and should be considered slightly bullish for the wheat sector with the small decreases in their good to excellent ratings.
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
