Friday, February 28, 2025, 7:45 a.m.

Thursday was yet another negative day for our markets.  Harvest corn closed down 5 1/4, harvest soybeans closed down 3 3/4, harvest winter wheat closed down 17 and harvest spring wheat closed down 13 3/4.  In the overnight trade corn is mixed with soybeans and the wheat sector now positive.  Oil closed up $1.73 yesterday at $70.35 per barrel.  It is weaker in trading this morning with it now valued at $69.34 per barrel.  Our dollar started out yesterday morning at $0.697 US and then went lower with the tariff talk.  This morning it is currently valued at $0.692 US.

Our markets had lots of things to pull them negative yesterday and negative they went.  We should note one interesting item was that spot corn went down 12 1/2 cents which was much more then harvest corn.  It is nice to see this morning that our markets have turned back positive and hopefully can stay that way for the day.

The various reasons for the market pull back yesterday included as follows:

• President Trump confirmed that the tariffs are back on for Canada and Mexico. He also announced that they will be implementing an additional 10% tariff on all imports from China.
• Continued positive weather in South America for their crops. The harvest in Brazil is progressing with the safrinha corn crop getting planted and the dryness in Argentina is now considered over.
• Crop ratings have increased in Argentina with soybeans up 7% this week to sit at 67% normal to excellent. Corn is now rated at 71% normal to excellent which is up 4% week over week.
• The release by the USDA of the projected plantings this year in the US with amended balance sheets. With the increase in corn acreage up to 94 million acres and a record trend line yield carryout stocks are projected to increase.
• Weaker than expected weekly export inspections in the US for both corn and wheat.
• Fund liquidations. With speculative funds holding large long positions (looking for prices to go up) in both corn and wheat they liquidated part of those positions yesterday and this helped to push the markets lower.

Friday’s thought: A positive mind finds opportunity in everything.  A negative mind finds fault in everything!

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.