Monday was a negative day for our markets. Spot corn closed down 7 3/4, spot soybeans closed down 9, spot winter wheat closed down 6 and spot spring wheat closed unchanged. In the overnight trade corn and spring wheat are negative with soybeans and winter wheat now positive. Oil closed up $1.34 yesterday at $58.08 per barrel. It is stronger in trading again this morning with it now valued at $58.31 per barrel. Our dollar started out yesterday morning at $0.730 US and went up to $0.732 US before noon. It has traded within that range since then with it currently valued this morning back at $0.730 US.
Corn and wheat prices were weaker yesterday with more talk about a potential truce between Russia and Ukraine. Export shipments so far this year are behind previous year’s pace from Ukraine. If the war was to end it is thought that they would ratchet up export shipments and this would bring negative pressure to world prices of corn and wheat. I should note that in watching the news last night it sure did not seem like an end to the war was imminent. Corn did fall yesterday below both their 20 and 50 day moving averages which is a poor technical sign for traders going forward.
Soybeans were also down yesterday as this market just cannot find any reason for a rally. No new sales were announced to China but as we have said many times the marketplace is no longer reacting to new sales when they are announced. This seems to be old news and the 12 million tonne target is no longer enough to get the markets excited. With exports behind previous year’s in the US and the weather in Brazil remaining mostly favourable for their soon to be harvested record breaking crop this market will most likely continue to trend lower.
The markets will close early tomorrow and our office will be closing at noon. We will remain closed for New Year’s Day and will reopen for regular hours on Friday, January 2,, 2026.
Delores Seiter | 613-880-7458
Bob Orr | 613-720-1271
Tony Mitchell | 613-227-2525
Office | 613-489-0956
