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Thursday was a positive day for our markets. Spot corn closed up 3 3/4, spot soybeans closed up 3 3/4, spot winter wheat up 2 and spot spring wheat closed down 3 1/4. In the overnight trade corn and soybeans are negative, and the wheats are positive. Oil closed up $0.72 yesterday at $59.67 per barrel. It is weaker in trading again this morning with it now valued at $59.58 per barrel. Our dollar had a high yesterday of $0.718 US just before lunch, was on a downward trend until dinner time and have been trending higher ever since. This morning it is currently valued at $0.719 US.

Not a whole lot of news in the markets yesterday. Still no bean sales announcements to China, but regardless, the soybean market ended on the positive side. Traders are a bit weary of this market, as things stand right now China has enough South American beans bought to cover them for the next several months. And North American beans are sitting at a premium to South American beans, that’s before the 10% Chinese tariff. It’s hard to see China cancelling a bunch of South American beans to purchase higher North American beans. But Trumps administration says China will buy.

Yesterday morning USDA announced a corn sale to Colombia and Mexico for around 20M BU of corn, which was supportive for the corn market. Canada also announced record wheat and canola crops yesterday up 11.2% & 13.3% year over year. This should be negative for the wheat market.

Traders and analysts are waiting for next week’s USDA WASDE report to see where things will land with final harvested acres and yields. Estimates is it was a record corn crop with record yields throughout the US.