The markets were closed on Friday for the holiday. Thursday was a negative day for our markets. Harvest corn closed down 3/4, harvest soybeans closed down 1 3/4, harvest winter wheat closed up 1 1/4 and harvest spring wheat closed up 2 3/4. In the overnight trade all of our commodities are on the positive side. Oil closed out trading on Thursday at $61.83 per barrel. It is a bit stronger in trading this morning with it now valued at $62.24 per barrel. Our dollar traded between a low of $0.721 US and a high of $0.723 US on Friday with it closing out at $0.722 US. It has strengthened in the overnight trading with it currently valued this morning at $0.725 US.
The weaker US dollar has pushed our dollar up to values not seen since last October. This is putting pressure on our local basis levels to decrease. Looking back to the middle of October the corn basis level was about $0.15 cents lower, soybean basis levels were $0.55 cents lower and wheat basis levels were about $0.30 cents lower. Of course basis levels are affected by more than the value of our dollar but the quick review shows that basis levels could easily decrease in the current marketplace.
Last week the shortened trading week ended up negative for our markets. Spot corn closed down $3 per tonne with harvest for both 2025 and 2026 down $1 per tonne. Soybeans were down $3 per tonne across the board. Spring wheat was down $4 per tonne on the spot market and $3 per tonne for this year’s harvest. Winter wheat was down $3 per tonne for both the spot market and this year’s harvest.
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
Office | 613-489-0956
