Dwight’s Visitation and Funeral Arrangements –> LINK
Tractor Rally for Dwight – for details please contact Dave Seabrook 613-227-1991
Our office will be closed for both Thursday and Friday this week. If you want to do any pricing please call me on my cell phone at 613-880-2707. I will do my best to get back to you in a timely manner!
Thursday was a mixed day for our markets. Spot corn closed up 2, spot soybeans closed up 4 1/2, spot winter wheat closed down 2 1/4 and spot spring wheat closed down 1 1/2. In the overnight trade corn, soybeans and spring wheat are positive and winter wheat is now negative. Oil closed up $0.60 yesterday at $73.92 per barrel. It is much strong in trading this morning with it now valued at $76.37 per barrel. Our dollar has traded between a low of $0.693 US and a high of $0.695 US over the last 24 hours. This morning it is right in the middle of the range with it currently valued at $0.694 US.
Row crop prices were higher yesterday with wheat pulling back as the market gets ready for the USDA WASDE report today. This report brings out a final yield for corn and soybeans, planted winter wheat acres and of course updated stock numbers that include yearend projections.
Based on the average trade expectation the corn yield is projected to decrease by 0.5 bushels per acre down to 182.6 bushels per acre. This will result in the stock levels decreasing for corn also. The market will be watching closely to see what the USDA will do on the demand side especially if they will increase export totals like they did with last month’s WASDE report.
For soybeans average production is expected to come in at 51.6 bushels per acre which is a decrease of only 0.1 bushels per acre. This should result in only minimal changes in soybean stock levels.
The market will be watching closely for changes in South America production. The USDA currently has soybean production for Brazil pegged in at 169 million tonnes. Any increase in this would of course be very bearish for prices. As the dry weather in Argentina is mostly a recent event it is unlikely that they would be decreasing their projected production levels at this time.
Friday’s thought: Worrying does not take away tomorrow’s trouble; it takes away today’s peace!