With the weekend snow our hours will go back from 7 am to 5 pm until the harvest resumes.

Friday was a mixed day for our markets.  Harvest corn closed down 1 1/2, spot soybeans closed up 9 1/2, spot winter wheat closed down 7 3/4 and spot spring wheat closed up 1.  In the overnight trade all of our markets are on the positive side.  Oil closed up $0.32 on Friday at $59.75 per barrel.  It is stronger in trading again this morning with it now valued at $59.93 per barrel.  Our dollar traded between a low of $0.708 US and a high of $0.713 US on Friday with it closing out at $0.712 US.  This morning our dollar has strengthened with it currently valued at $0.714 US.

Last week was a mixed week for our markets.  The only real strength came in spot soybeans due to basis increase with the roll on the CBOT from November to January.  For corn both this year’s and next year’s harvest were up $2 per tonne.  Spot soybeans were up $11 per tonne with next year’s harvest down $2 per tonne.  Spring wheat was down $1 per tonne across the board.  Winter wheat was down $3 per tonne on the spot market and $2 per tonne for next year.

As noted above the corn market was stronger for the week but it was also due to a small basis increase.  This market pulled back on the CBOT as it is waiting for clarification from the USDA on what the average yield will be for this year’s harvest in the US.  Remember the market is looking for a record large crop but clarification is needed on just how large of a record it will be.  Unless the USDA surprises the market with a significantly lower yield then expected it is hard to see this market having a large rally on the CBOT.

Lots of rumours and stories out of the US today.  It is rumoured that the Government shutdown is going to end this week.  Pressure of cancelled flights with air traffic controllers not going to work (as they are not being paid) is helping to get negotiations back going.  Secondly talk of President Trump losing his court case concerning the legality of the tariffs he has utilised is gaining some traction.  If he does lose this case they do have other avenues to go with the tariffs but nothing as quick and easy that President Trump can change on a moment’s notice.  Thirdly, the ‘Trade Pact’ with China most likely includes an out letting China purchase US products only when they are priced economically on the world market.  This has resulted in them purchasing soybeans over the last two weeks from Brazil that would be shipped in the December and January import windows.  Lastly, President Trump has now said he would give every American a Tariff payment of $2,000.  I guess they can line up with the soybean farmers waiting for their payments.

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.