Elevator hours this week will depend on whether the combines are rolling or not.  Please call ahead if you are planning on coming after 5 pm. 

Friday was a negative day for our markets.  Harvest corn closed down 11 1/4, spot soybeans closed down 22 1/2, spot winter wheat closed down 8 1/2 and spot spring wheat closed down 5.  In the overnight trade corn, soybeans and winter wheat are positive with spring wheat mixed.  Oil closed up $1.40 on Friday at $60.09 per barrel.  It is flat in trading this morning with it now valued at $60.10 per barrel.  Our dollar traded in a very narrow range Friday between a low of $0.712 US and a high of $0.713 US with it closing out at the high end of the range.  It has continued this small variability in the overnight trading with it currently valued this morning once again at $0.713 US.

Friday the USDA released their monthly WASDE report and they came out with a mostly bearish report.  They only decreased their corn yield down to 186 bushels per acre.  This is still a new record yield for the US corn crop however the average trade analysts estimate going into the report was 183.5 bushels per acre.  The net result was that with this strong of production (16.75 billion bushels) carryout stocks were not decreased enough and the market went down.  It was somewhat positive that the market did not go limit down and that it has bounced back some this morning.

For soybeans the average yield came in at 53 bushels per acres which was in the range of expectations.  The big negative for the soybean market was the lack of Chinese purchases made with the data dump of the daily sales announcements that stopped with the government shutdown.  It was previously rumoured and hoped that this data dump would show many Chinese purchases which of course it did not.  Net result was that prices went down hard on Friday.  The best thing to say is that the market has rebounded some this morning.

Further to this on Friday President Trump said that officials from his government had spoken with Chinese officials on Friday and that China would be purchasing US soybeans.  The big thing in his talk was that he changed the time frame from the end of this year to next spring.  There also was confirmation from their trade officials that no deal has been signed yet.  As many analysts thought so far this is just an understanding and that US officials (Trump) oversold the ‘Trade Pact’ to the US media and of course everybody else.  Very disappointing for sure!

Last week was a negative week for our commodities on the CBOT however prices all ended positive due to strong basis increases with our continued low valued Canadian dollar.  Both harvest corn and next year’s harvest were up $5 per tonne.  Spot soybeans closed up $6 per tonne with next year’s harvest up $10 per tonne.  Spring wheat was up $5 per tonne on the spot market and $4 per tonne for next year.  Winter wheat was up $4 per tonne for both this year’s crop and next year’s crop.

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.