Geoff is off, please contact Delores, Bob, Tony or the office for any marketing needs. Contact info below.
Wednesday was a mostly negative day for all our market. Harvest corn closed even, harvest soybeans closed down 15 3/4, harvest winter wheat closed down 3 3/4 and harvest spring wheat closed down 5. In the overnight trade everything is on the positive side. Oil closed up $0.24 yesterday at $63.91 per barrel. It is slightly weaker in trading this morning with it now valued at $63.41 per barrel. Our dollar had a high of $0.726 US in the last 24 hours and a low of $0.723 US it is currently valued at $0.725 US.
Really quiet day in the corn market yesterday, traded on both sides of even and then landed unchanged for the day. The soybean complex plummeted down losing a good chunk of it’s gains from the last two days. Winter and spring wheat also down and hitting new lows. Wheat did close higher off its lows but seems to be stair stepping lower each day.
Not a whole lot of news yesterday to move the market one way or the other, but there were some old crop sales that got canceled which could be a contributing factor. One of the cancelations was a 13.6M bu old crop soybean sale. Some decent new crop sales, but still none to China, that combined with no trade deal on the table, is definitely a worry in the market.
Private yield tours in the states are starting to publish their results that last couple days since the USDA WASDE report on Tuesday this week. Many are coming in very strong for yield estimates, some even higher than USDA’s 188.8bpa for corn. This coupled with continued good weather for the corn growing states, will continue to drive the corn price lower.
Meanwhile weather in Ontario continues to remain dry, with many areas desperate for rain. It’s an unfortunate situation we are in this year with the US crops so favourable and the Ontario crops in desperate need of rain. It’s unlike the prices will make up for possible yield losses here. Give us a call if you’d like to discuss some marketing options and take some risk off the table. With the up and downs in the market this week a target order could be a good solution to capture some bumps in the prices.
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.
Delores Seiter | 613-880-7458
Bob Orr | 613-720-1271
Tony Mitchell | 613-227-2525
Office | 613-489-0956
