Friday was another negative day for our markets. Harvest corn closed down 3/4, harvest soybeans closed down 32 3/4, harvest winter wheat closed down 7 1/4 and harvest spring wheat closed down 8 3/4. In the overnight trade corn and the wheat sector remain negative with soybeans now mixed. Oil closed down $4.96 on Friday at $61.99 per barrel. It is weaker in trading again this morning with it now valued at $60.65 per barrel. Our dollar traded between a low of $0.702 US and a high of $0.711 US on Friday with it closing out at $0.704 US. With some choppy trading in the overnight session it is down this morning with it currently valued at $0.702 US.
Last week was a mixed week for our markets. Basis levels were stronger across the board but the CBOT was mixed. Sport corn closed up $8 per tonne with harvest 2025 and 2026 up $2 per tonne. Spot soybeans were down $11 per tonne with harvest 2025 down $13 per tonne and harvest 2026 down $3 per tonne. Spring Wheat was up $6 per tonne on the spot market with this year’s harvest up $1 per tonne. Spot winter wheat ended up $4 per tonne with this year’s harvest up $3 per tonne.
With China announcing reciprocal tariffs on US imports Friday morning of 34% the soybean market tumbled again on Friday. China still is the largest importer of US soybeans on the world market and the new tariffs are going to make US soybeans too expensive in China as compared to imports from Brazil. With production increasing every year in Brazil the market place responded with the thought that soybeans yet to ship this year from the US would probably be cancelled and replaced with soybeans from Brazil. It is a positive this morning to see that soybean prices are flat.
Fears of a recession in the US and a possible global recession as fallout of the new round of tariffs put in place last week are dominating the markets in general. Talks of interest rate decreases to stimulate the economies of different countries are becoming widespread. Crude oil prices have fallen hard with thoughts that demand will fall due to reduced economic activity at the same time that the OPEC+ nations are increasing supply. As the uncertainty remains on how long the US will continue on this path all of the global markets will be held hostage. The ability to trade just based on global supply and demand without government interference seems to be wiped out at this time.
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
