Monday, April 26, 2025, 7:45 a.m.

Friday was a mostly negative day for our markets.  Harvest corn closed down 3/4, harvest soybeans closed down 1/2, harvest winter wheat closed up 1/2 and harvest spring wheat closed down 2.  In the overnight trade all of our markets are on the negative side.  Oil closed up $0.23 on Friday at $63.02 per barrel.  It is weaker in trading this morning with it now valued at $62.81 per barrel.  Our dollar traded between a low of $0.720 US and a high of $0.722 US on Friday with it closing out right in the middle at $0.721 US.  It has stayed within that same range in the overnight trading and is currently once again valued at $0.721 US.

Even in the midst of the current tariff turmoil brought on by President Trump soybean oil exports in the US are supporting the soybean market.  Nearby soybean oil prices have reached a 16 month high as exports for the current marketing year are expected to end up almost four times as high as original USDA projections.  They had projected exports of 600 million pounds for this marketing year and the current pace of exports should end up at about 2.3 billion pounds.  Palm oil supplies have been restricted this year making soybean oil more attractive on the world market.

Analysts will be watching to see the planting progress reported later today in the weekly Crop Progress Report.  Recent and currently projected rain events could be slowing down planting progress in the US.  The market is also looking to see if the crop rating for their winter wheat crop has improved with the recent rains.

Last week was a negative week for our markets.  Basis change was mixed for corn with old crop increasing due to demand and harvest 2026 decreasing a bit.  Soybean basis levels decreased by 10 cents across the board to reflect market activities.  The net result for prices was that spot corn closed down $1 per tonne, this year’s harvest was down $4 per tonne and next year’s harvest down $3 per tonne.  Soybeans ended up down $1 per tonne across the board.  Spring wheat was down $9 per tonne on the spot market and $7 per tonne for this year’s harvest.  Winter wheat ended up down $9 per tonne across the board.

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.