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Tuesday was a negative day for our markets.  Harvest corn closed down 3 1/2, harvest soybeans closed down 1, spot winter wheat closed down 4 1/2 and spot spring wheat closed down 3 3/4.  In the overnight trade corn and soybeans are positive with the wheat sector still negative.  Oil closed up $0.30 yesterday at $57.82 per barrel.  It is flat in trading this morning with it now valued at $58.72 per barrel.  Our dollar started out yesterday morning at $0.711 US and then trended higher going up to $0.715 US in the overnight session.  It has pulled back a bit this morning with it now currently valued at $0.713 US.

Our markets had a ‘Turnaround Tuesday’ yesterday but not to the right side.  Corn and soybeans pulled back after each having 4 positive trading days.  The pullback was not really that large and it is nice to see both of these commodities back on the positive this morning.

The soybean market is of course being dominated by the thoughts of a potential trade deal between the US and China being reached at the end of this month.  President Trump continues to talk about the deal almost as if it is a given that it will be completed.  We are not hearing much coming out of the Chinese camp about the deal as they keep their playbook much closer to their chest then the US side.  Soybean oil prices also pulled back yesterday as the American Petroleum Industry is trying to keep the US Government from implementing an E15 mandate for the whole year.  If they are successful with this it would of course restrict the need for expanded biodiesel and ethanol production in the US.

Corn prices pulled back as they were unable to stay above their 100 day moving average.  This has been a technical trading line that the market has not stayed above for the last few months.  With harvest north of 50% completed in the US the marketplace is looking for confirmed yield data before it truly sets a new trend.  We should note that more reduced yields are being reported in the US and that many analysts are starting to jump on this wagon.  How reduced the US yield ends up being is a story that we are all very interested in.

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.