The elevator will close today at 5 pm.  Weekend hours will depend on the weather.  Call ahead if you are coming to confirm we are open.
Ronald, 613-880-7456. 

Thursday was a mostly negative day for our markets.  Harvest corn closed down 3 3/4, spot soybeans closed up 13 1/4, spot winter wheat closed down 8 and spot spring wheat closed down 10.  In the overnight trade corn, soybeans and winter wheat are negative with spring wheat on the positive side.  Oil closed up $0.09 yesterday at $60.57 per barrel.  It is weaker in trading this morning with it now valued at $60.35 per barrel.  Our dollar started out yesterday morning at $0.717 US and then went down to $0.714 US before noon.  It has traded at the lower end of the range since then with it currently valued this morning at $0.714 US.

What a volatile day the soybean market had yesterday.  The new Trade Pact was somewhat announced yesterday between the US and China.  Details of the deal came out as the day progressed and the soybean market responded accordingly.  With the first announcement of the deal they did not say anything specific about soybeans and the market went down.  Then the US side said China would purchase 12 million tonnes this year.  Nobody is certain if it is a calendar year or a crop year.  The market responded positive to this.  With China not confirming anything the market then went back down.  Later in the day the US side said in addition to the 12 million tonnes for this year China is to purchase 25 million tonnes for each of the next 3 years.  The market then came back to the positive side.  President Trump also stated that the US Farmer should go out and purchase more land and buy a new tractor as this deal would benefit them so much.

Since this is a ‘Trade Pact’ and not a ‘Trade Deal’ it is really just a handshake agreement between the two Presidents.  It was announced as a 1 year agreement then later in the day amended to a 4 year agreement.  There is much uncertainty on what the agreement truly includes and how it will affect the soybean marketplace going forward.  This is a story that is going to take some time to play out.  Stay tuned for more volatility.

There is a bit of clarity this morning as the 12 million tonnes is supposed to be purchased and shipped by the end of January 2026.  The marketplace will be closely watching to see if these purchases are actually made.

The wheat and corn markets responded negatively to all the news yesterday concerning the soybean market.  They may have been some thoughts that a new deal would include either or both of wheat or corn and this did not happen.  As such prices pulled back yesterday for both of these markets.

Soybean meal prices in the US have risen for 13 consecutive days.  They are now very overpriced on the world market for soybean meal.  The whole soybean complex in the US is very expensive for the world market and this also would be a negative for Chinese purchases going forward.

Friday’s thought: No amount of regret can change the past, and too much worry about tomorrow only takes away today’s peace!

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.