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

Wednesday was another mostly positive day for our markets.  Harvest corn closed up 3 1/4, spot soybeans closed up 6 1/2, spot winter wheat closed unchanged and spot spring wheat closed up 1/4.  In the overnight trade corn and winter wheat are negative, soybeans are positive and spring wheat is mixed.  Oil closed down $2.55 yesterday at $58.49 per barrel.  It is stronger in trading this morning with it now valued at $58.87 per barrel.  Our dollar had a low yesterday morning of $0.713 US and then with some choppy trading it has trended up since then.  This morning it is currently valued at $0.715 US.

Yesterday was a varied trading day for all of our markets.  They all spent a portion of the day on the negative side before rallying to close even or positive as noted above.  The markets are jittery going into the WASDE report that is due to be released tomorrow.  It is looking like the marketplace will not take any bold action until the new data is released by the USDA tomorrow.

The lack of Chinese purchases in the US soybean market continues to be a theme that just will not go away.  There are reports that soybean stocks are at record levels in China with some bottlenecks occurring at the ports and also at the crushers.  They are experiencing some reduced demand from their livestock industry for soybean meal and as such the crushers are currently being over supplied by the increased imports this year.

Soybean prices on the CBOT are trading as if China will start making increased purchases.  It also looks like the marketplace has already priced in a significant decrease in production numbers from the USDA tomorrow.   This market could get a real surprise either way tomorrow.  Be ready for some potential large price swing tomorrow.

As we have mentioned a few times already this week target pricing can help you to take advantage of any short term price increase.  Remember the market usually overreacts when the information is released and then it pulls back either way as it starts to really break down whatever data is brought forward.

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.