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

Happy Thanksgiving!

We are open for receiving corn and soybeans today.  If you want to talk the markets please give me a call on my cell phone, 613-880-2707.

Friday was a poor negative day for our markets.  Harvest corn closed down 5 1/4, harvest soybeans closed down 15 1/2, spot winter wheat closed down 8 and spot spring wheat closed down 5 1/4.  In the overnight trade corn and soybeans are positive, spring wheat is mixed and winter wheat is negative.  Oil closed down $2.61 on Friday at $58.90 per barrel.  It is stronger in trading this morning with it now valued at $59.99 per barrel.  Our dollar traded between a low of $0.713 US and a high of $0.715 US on Friday with it closing out at $0.714 US.  With some choppy trading in the overnight session it is back this morning once again at $0.714 US.

On Thursday President Trump announced that he was going to be leaning on President Xi during the upcoming summit in South Korea to restart soybean purchases from the US.  Then on Friday China sent letters to many countries restricting the use of their rare earth materials that they export.  President Trump responded with an announcement stating that with these new restrictions China was trying to control too much around the world.  He also stated that there was no use in talking to President Xi about soybeans or anything else until they changed their ways.  Of course our markets responded to this and prices went immediately down.

On the Canadian political front there were reports on the weekend how the Chinese Ambassador to Canada stated that if we removed the tariffs on their electric vehicles that they would remove tariffs on specific agricultural products from Canada.  This would most specially relate to the tariffs put on canola, pork and some seafood products.  The Canadian Government is doing to have to figure out if they want to make this trade and how it would affect all of the different market sectors.  Plus how it would affect our relationship with the US as the tariffs on the electric vehicles were put into place pretty much at the request of the US administration.

Prices were also put on the negative on Friday with the continued favourable weather patterns in the US aiding the corn and soybean harvest to move along.  Last week production estimates for wheat were increased in Russia, the European Union and Argentina which put pressure on the wheat market.  All in all it was a poor week for our markets.

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.