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Wednesday was a positive day for our markets.  Harvest corn closed up 2 1/4, harvest soybeans closed up 7 1/2, spot winter wheat closed up 1/2 and spot spring wheat closed up 3 1/2.  In the overnight trade corn and soybeans are negative, spring wheat is positive and winter wheat is mixed.  Oil closed up $0.83 yesterday at $62.55 per barrel.  It is weaker in the overnight trading with it now valued at $62.17 per barrel.  With some very choppy trading our dollar has traded between a low of $0.716 US and a high of $0.718 US over the last 24 hours.  This morning it is currently valued at $0.717 US.

Soybeans led our markets higher with their strength helping to pull both corn and wheat on the positive side after they both traded negative earlier in the trading day.  With the lack of USDA data many analysts are struggling to come up with reasons on why our markets are higher this week.  Harvest is progressing well in the US which should be a negative for prices at least in the short term as the very large US crops come to the marketplace.  There continues to be talk about both the yet to be seen aid package for the US Farmers and also how and when a trade deal will be made between China and the US.

Disease pressure on the US corn crop has been in the news for the last couple of months.  It is now being seen in some fields with yields impacted up to 50 bushels per acre on fields that were not treated with fungicides.  How widespread this reported yield loss ends up being will not be known until much later in harvest and of course not until the USDA gets back to work and publishes actual yield data.

Weekly ethanol production in the US surged 7.3% last week to sit at 1.071 million barrels per day.  This increase came after the 5 month low hit with production the previous week.  Blender demand was down slightly for the week with exports increasing.  The net result was a slight decrease in ethanol stocks of 0.2% down to 22.72 million barrels.  There are some concerns that low priced sorghum is replacing corn in some ethanol plants but overall the strong rebound in production last week is a good sign for this market.

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.