Monday was a mixed day for our markets. Harvest corn closed down 6 3/4, harvest soybeans closed down 3 1/2, spot winter wheat closed up 1 1/2 and spot spring wheat closed unchanged. In the overnight trade all of our markets are on the positive side. Oil closed up $0.61 yesterday at $63.30 per barrel. It is flat in trading this morning with it now valued at $63.32 per barrel. Our dollar had a low yesterday morning before noon of $0.722 US and since then has trended higher. This morning it is currently valued at $0.727 US.
Reports out yesterday morning that US and Chinese representatives have come to an agreement on the TikTok issue seemed to provide some support for the agricultural markets. Hope is that this is the first of many steps into making up a new trade deal between the two countries. Then President Trump announced he will be talking to President Xi on Friday and this also brought some favourable vibes to the marketplace. The negative however is that no agriculture related announcements have been made between the two countries.
The USDA released their weekly Crop Progress Report yesterday. The good to excellent for their corn crop decreased 1% week over week to sit at 67%. Last year at this time the good to excellent rating was 65%. They also reported that 7% of this crop is now harvested. This is up from 4% last week and compares to 8% at this time last year and the 5 year average of 7% harvested.
The good to excellent rating for their soybean crop also decreased 1% from last week and now sits at 63%. Last year at this time the good to excellent rating was 64%. Harvest has now started for soybeans also with it reported at 5% complete. Last year at this time it was 6% completed and the 5 year average is only 3%.
Spring wheat harvest is reported at 94% complete. This is up from 85% last week and compares with 91% at this time last year and the 5 year average of 92%.
Winter wheat plantings are reported at 11% complete. This is up from 5% last week and compares to 13% at this time last year and the 5 year average of 13%.
This report should be slightly supportive for the corn and soybean markets with the small decrease in their good to excellent ratings. For the wheat market the report is more neutral with harvest nearing completion for spring wheat and the winter wheat plantings starting to ramp up.
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
Tony Mitchell | 613-227-2525
Office | 613-489-0956
