The elevator is open 7 am to 7 pm going forward including weekends.

Thursday was a positive day for our markets.  Harvest corn closed up 5 1/4, harvest soybeans closed up 10 3/4, spot winter wheat closed up 5 1/2 and spot spring wheat closed up 3 1/2.  In the overnight trade all of our markets have fallen back on the negative side.  Oil closed down $1.30 yesterday at $60.48 per barrel.  It is stronger in the overnight trading with it now valued at $60.79 per barrel.  Our dollar had a high yesterday morning of $0.719 US and a low around noon of $0.715 US.  It has traded within that range since that time with it currently valued this morning at $0.716 US.

Our markets stayed positive yesterday as they continued to take strength from President Trump and his social media post from Wednesday.  He had stated that he would personally be speaking with President Xi from China in late October about the lack of Chinese purchases of US soybeans this fall.  We should note however that there is no talk out of China that this face to face meeting will even take place.  With soybeans negative this morning it is looking like this positive momentum has faded.

Both the corn and wheat market have followed soybeans higher the last couple of days.  Once again there is no other big news out there that is supporting higher prices at this time.  For corn with the harvest progressing well in the US and what is looking like more favourable harvesting weather in the forecast this record crop is coming to the marketplace.  Stone X in the US decreased their corn production estimate this week in the US down to 185 bushels per acre but this still is resulting in a total crop of 16.7 billion bushels.  Both of these numbers would be new record high levels.  Supply side domination in this market should technically be pushing prices lower!  The analysts I follow mostly are talking about lower prices going forward as they feel the marketplace cannot sustain current price levels.

Locally the soybean harvest is progressing very well with extremely variable yields.  Moisture levels have come back down this week.  I heard of one farmer combining corn yesterday that was planted in April last spring.  Of course this is just third hand news but the moisture was supposedly around 26% and the yield was around 160 bushels per acre.  Hopefully this will be a sign of what is to come for most of our farmers going forward.

Friday’s thought: Life does not allow us to go back and fix everything we have done wrong in the past, but it does allow us to live each day better than our last!  

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.