Weather permitting the elevator will be open normal harvest hours today and all weekend.  If in doubt call the ahead to the office, 613-489-0956, or Ronald at 613-880-7456, to confirm.

Thursday was a mostly negative day for our markets.  Harvest corn closed down 6 1/2, spot soybeans closed down 26 3/4, spot winter wheat closed down 19 1/4 and spot spring wheat closed up 3/4.  In the overnight trade corn and winter wheat are negative, soybeans are positive and spring wheat is mixed.  Oil closed down $0.17 yesterday at $59.43 per barrel.  It is stronger in trading this morning with it now valued at $60.05 per barrel.  Our dollar had a high yesterday morning of $0.710 US and then a low before noon of $0.707 US.  It has traded within that range since then with it currently valued this morning at $0.709 US.

Soybean and soybean meal prices fell hard yesterday as China continues to purchase a significant amount of soybeans from Brazil and seem to be absent from the US market.  Remember US soybean products are currently more expensive on the world market then supplies from Brazil and China’s purchases this week are reflecting this.

On the US Trade front the legality of the tariffs imposed by President Trump is being litigated in front of their Supreme Court.  The possibility of these tariffs being cancelled is being considered bearish on market prices and this also helped to pull prices lower yesterday.  We should note that what the outcome of the current court decision will be is of course an unknown and it is also very uncertain on when the decision will come down.  Hopefully the decision will be released in the short term but it easily could drag into the next calendar year.

Wheat prices pulled back yesterday as the market responded to China only purchasing 2 cargoes of US wheat not the 8 to 10 cargoes that were rumoured.  With US wheat being some of the most expensive on the export market that is being well supplied by many other countries prices pulled back.  It is hard to see any significant price gains in this market in the short term without active participation from Chinese buyers.

Friday’s thought: Memories are special.  Sometimes we laugh at days we once cried and cry at days we once laughed!

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.