Happy Thanksgiving!
The elevator is open for receiving product today and the markets are open. Give me a call on my cell phone (613-880-2707) if you would like to price anything out.
Friday was a mostly negative day for our markets. Harvest corn closed down 20 1/2, harvest soybeans closed up 4 1/2, spot winter wheat closed down 12 1/4 and spot spring wheat closed down 10 3/4. In the overnight trade corn and the wheat sector are mixed with soybeans on the negative side. Oil closed up $0.36 on Friday at $91.85 per barrel. It is stronger again this morning with it now priced at $93.24. Our dollar traded between a low of $0.700 US and a high of $0.704 US on Friday with it closing out right in the middle of the range at $0.702 US. It is down just a bit this morning with it currently valued this morning at $0.701 US.
On Friday the USDA released their monthly WASDE report and it was not very friendly especially for the corn market. Corn prices on the CBOT immediately fell when the report came out and were down 30 cents at one time before they rallied to close 20 cents down across the board. Wheat and soybeans followed corn lower however soybeans were able to rally to the positive side during the afternoon.
The USDA increased the projected corn yield by 2.7 bushels per acre up to 181.2 bushels per acre. This was 3.6 bushels per acre higher than the average trade estimate going into the report. They have now increased ending stocks back above the 10% stocks to use ratio. This report surprised the marketplace and prices fell hard. Analysts may think the USDA is wrong with their yield projections but this is what the market has to work with until it receives the final yield data with the January report.
For soybeans the report was more neutral with a yield increase of 0.3 bushels per acre up to 53.1 bushels per acre. This is a new record yield in the US just topping last year’s record of 53.0 bushels per acre. The increased production was offset on the soybean balance sheet by both increases to exports and a small increase in the carryout number.
In the wheat market they did decrease exports out of Russia this year however it was increased by exports by other countries. On the US side they decreased exports and increased their carryout stocks.
With the report being bearish for corn it puts a bearish push on all of our markets. With the pull back in prices the current price of corn is below all of the 20, 50 and 100 day moving averages. This market has erased all of the gains made back in August and September and the current trend is not our friend. With corn trading mixed this morning it looks like the market may have overreacted on Friday. Hopefully it can bounce back more as the trading week progresses.
Geoffrey Guy | 613-880-2707
Adam Plater | 613-220-8961
Bob Orr | 613-720-1271
Tony Mitchell | 613-227-2525
Office | 613-489-0956
Cash bids that morning
These are the prices as published with this post (7:51 AM EDT) — they are not current. View today’s cash bids →
| Name | Notes | Basis Month | Futures Price | Fut. Chg. | Basis | Cash Price | Cash Price (tonne) |
|---|---|---|---|---|---|---|---|
| CORN | Spot | Sep 2026 | 4.6475 | +2.75 | 2.05 | $6.70 | $263.67 |
| CORN | Harvest 2026 | Dec 2026 | 4.8800 | +3.25 | 1.60 | $6.48 | $255.11 |
| CORN | Harvest 2027 | Dec 2027 | 4.9900 | +0.50 | 1.15 | $6.14 | $241.72 |
| SOYBEANS | Spot | Aug 2026 | 12.3775 | +4.75 | 4.20 | $16.58 | $609.12 |
| SOYBEANS | Harvest 2026 | Nov 2026 | 12.4400 | +5.00 | 3.70 | $16.14 | $593.04 |
| SOYBEANS | Harvest 2027 | Nov 2027 | 11.9575 | +2.00 | 3.30 | $15.26 | $560.62 |
| WHEAT, SRW | Spot | Sep 2026 | 7.0750 | +1.75 | 1.90 | $8.98 | $329.77 |
| WHEAT, SRW | Harvest 2026 | Sep 2026 | 7.0750 | +1.75 | 1.80 | $8.88 | $326.10 |
| WHEAT, SRW | Harvest 2027 | Jul 2027 | 7.3700 | -1.75 | 1.30 | $8.67 | $318.57 |
| WHEAT, HRW (INCLUDES PROTEIN) | Spot | Sep 2026 | 7.0750 | +1.75 | 2.10 | $9.18 | $337.12 |
| WHEAT, HRW (INCLUDES PROTEIN) | Harvest 2026 | Sep 2026 | 7.0750 | +1.75 | 2.00 | $9.08 | $333.45 |
| WHEAT, HRW (INCLUDES PROTEIN) | Harvest 2027 | Jul 2027 | 7.3700 | -1.75 | 1.50 | $8.87 | $325.92 |
| WHEAT, HRS (INCLUDES PROTEIN) | Spot | Sep 2026 | 7.2775 | -0.01 | 2.00 | $9.28 | $340.89 |
| WHEAT, HRS (INCLUDES PROTEIN) | Harvest 2026 | Sep 2026 | 7.2775 | -0.01 | 1.90 | $9.18 | $337.22 |
| WHEAT, HRS (INCLUDES PROTEIN) | Harvest 2027 | Sep 2027 | 7.59 | +0.06 | 1.75 | $9.34 | $343.19 |
Cash bids are based on 10-minute delayed futures prices. All grain prices are subject to change at any time.
