The elevator is open 7 am to 7 pm going forward (weather permitting) including weekends.

Thursday was a mostly negative day for our markets.  Harvest corn closed down 3 3/4, harvest soybeans closed down 7 1/4, spot winter wheat closed down 3/4 and spot spring wheat closed up 1 1/2.  In the overnight trade corn and spring wheat are mixed with soybeans and winter wheat negative.  Oil closed down $1.04 yesterday at $61.51 per barrel.  It is weaker again in the overnight trading with it now valued at $60.81 per barrel.  Our dollar started out yesterday morning at $0.717 US and then fell in the afternoon as the US dollar gained value against most other major currencies.  This morning it is currently valued at $0.713 US.  This is the lowest value our dollar has been at since early April of this year.

Corn and soybean prices continue to bounce around but both seem to be range bound.  Without any updated data being released by the USDA during the current US Government shutdown, both commodities have struggled for prices to rally above their 100 day moving averages.  Traders are keeping prices below this but we should also note that they are not really letting prices fall very much either.  As the harvest progresses in the US the current price levels could be threatened with the large US crop coming to the marketplace.

High level officials in the US administration are once again talking up an upcoming meeting between President Trump and President Xi at the summit in South Korea at the end of this month.  They are hinting that they feel a trade deal will be reached or at least something specific on the soybean front.  China on the other hand has put export restrictions on Rare Earth products.  These are utilised in the artificial intelligence chip market and are of course in high demand.  Once again China is not showing any signs that they are ready to make an updated trade deal with the US at this time.

Weather in South America remains very positive for planting this year and for crop growth going forward.  Expected soybean planted acres are expected to increase again this year and with the strong moisture levels currently available an increase in total production is also expected.  For this past marketing year China has purchased just over 80% of the exports of soybeans out of Brazil.

On the crazy rumour front this morning I watched a video with an analyst stating that since the US Government shutdown started it is possible that China has been purchasing some US soybeans.  With the shutdown there are no daily export sales announcements and these potential purchases would not be confirmed until the shutdown is over.

Friday’s thought: You are allowed to break down.  You are allowed to feel lost.  That does not mean you have failed, it means you are human!

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.