Our markets were closed on Friday for the US Independence Day Holiday. Thursday was a negative day for our markets. Harvest corn closed down 3/4, harvest soybeans closed up 1 1/2, harvest winter wheat closed down 1/4 and harvest spring wheat closed down 4 1/4. All of our markets are on the positive this morning. Oil closed up $0.11 on Thursday at $68.69 per barrel. It is weaker in trading this morning with it now priced at $68.31. Our dollar traded between a low of $0.704 US and a high of $0.706 US on Friday with it closing out at the low end of the range. It has gone down just a bit this morning with it currently valued morning at $0.703 US.
Our markets have jumped higher this morning with a weather premium coming into the pricing scenario. Excessive rains last week in parts of the US Corn Belt have created some localized stress areas. The largest weather stress is coming from excess heat over the Corn Belt. The extended forecast for the month of July is projecting an extended heat wave with temperatures well above normal for the whole month. The heat wave last week did not support prices however the expected extended heat wave is resulting in higher prices.
Late last week an announcement out of China stated that they had agreed with US representatives to reduce tariffs on agricultural products under a reciprocal tariff reduction framework. This has the potential to be a market mover as this is the first time that Chinese officials have actually publicly stated confirmation of something that President Trump had previously announced they agreed to. The market did not respond immediately to this announcement but it could be a market mover going forward.
Last week was a positive week for our markets. Spot corn closed up $2 per tonne with this year’s harvest up $4 per tonne and harvest 2027 up $1 per tonne. Soybeans were up $8 per tonne on the spot market, $3 per tonne for this fall’s harvest and $1 per tonne for next year’s harvest. Winter wheat was up $12 per tonne on the spot market, $9 per tonne for this year’s harvest and closed even for next week. Spring wheat was up $5 per tonne on the spot market, $4 per tonne for this summer’s harvest and closed even for next year’s harvest.
Geoffrey Guy | 613-880-2707
Bob Orr | 613-720-1271
Tony Mitchell | 613-227-2525
Office | 613-489-0956
