The markets are closed today for the US Independence Day Holiday. Our office remains open.
Thursday was a mixed day for our markets. Harvest corn closed 3 1/2, harvest soybeans closed up 1 1/4, harvest winter wheat closed down 7 1/4 and harvest spring wheat closed down 1 3/4. Oil closed down $0.45 yesterday at $67.00 per barrel. It is weaker in trading again this morning with it now valued at $66.52 per barrel. Our dollar has traded between a low of $0.734 US and a high of $0.738 US over the last 24 hours. This morning it is currently valued right in the middle of the range at $0.736 US.
Corn prices closed yesterday just above their 20 day moving average. Both corn and soybean prices surged early in the trading day with thoughts that managed money was decreasing their short positions (looking for prices to go down) going into the long weekend. Unfortunately, as the trading day progressed prices pulled back with the lack of funds continuing liquidation. With crop prospects remaining strong in the US these markets will need something new to occur to drive prices much higher.
Spring wheat has had a recent rally with the growing crop in the US coming under some increased stress due to dryness. This dryness should continue to support this market but remember this could change quickly with a few timely rains.
It is being rumoured in the US that President Trump may announce more details today about the trade deal between China and the US. These rumours are speculating that any announcement will include some very supportive numbers for agricultural goods. The markets have not really rallied on these rumours yet but if they become fact, it could help our markets to rally early next week.
Friday’s thought: A great summer day is when laziness finds respectability! Have a great weekend!
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
