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

Monday was yet another mostly positive day for our markets.  Harvest corn closed up 3/4, harvest soybeans closed up 12 1/4, spot winter wheat closed up 1 and spot spring wheat closed unchanged.  In the overnight trade corn, soybeans and spring wheat are positive with winter wheat negative.  Oil closed down $0.02 yesterday at $57.52 per barrel.  It is stronger in trading this morning with it now valued at $58.02 per barrel.  Our dollar started out at $0.713 US yesterday morning and then trended lower going down to $0.711 US in the overnight trade.  It has gained back some strength this morning with it now currently valued at $0.712 US.

The positive trading attitude continued on Monday (and this morning for corn and soybeans) with soybeans leading the way.  The marketplace seems to be focused on President Trump and his strong optimism that a trade deal will be made with China at the APEC summit in South Korea at the end of this month.  Nearby prices on the CBOT have broken through both the 50 and 100 day moving averages during Mondays trading session.

During the month of September China imported 12.9 million tonnes of soybeans and this was the first month that no shipments were received from US since November of 2018.  It marks the end of all previous soybean sales between the US and China.  Imports from South America were up substantially to make up for the lack of US soybeans.  We should also note that this was the second largest total of monthly soybean imports into China on record.  They continue to build their soybean inventory so that they will be able to draw upon it until new crop soybeans will be available from South America.  They will be able to manage their soybean inventory in such a way that they will not require any new crop soybeans from the US.  Trump will try to get them to start purchases again but they are showing that they can get along with US supplies.

Fall harvest is progressing well in the US with private firms estimating that soybeans are now around 80% harvested and corn just above 50% harvested.  Or course with the current government shutdown updated weekly data from the USDA is not available.

Wheat exports in the US are a bit stronger this year than most analysts were projecting.  This is positive news for the wheat market as the supply side is once again rising up.  Projections for the wheat crop in Australia have risen again and also the crop in Russia keeps getting bigger.  With ample world supply it is hard to see what could drive prices significantly higher 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.