Friday was a mixed day for our markets. Harvest corn closed down 1/4, harvest soybeans closed up 2 1/2, spot winter wheat closed down 2 1/4 and harvest spring wheat closed up 1/4. In the overnight trade all of our markets are currently on the positive side. Oil closed at $63.66 per barrel on Friday. It is stronger in trading this morning with it now valued at $64.11 per barrel. Our dollar traded between a low of $0.718 US and a high of $0.723 US on Friday with it closing out at $0.723 US. With some choppy trading in the overnight session our dollar is up just a bit with it currently valued at $0.724 US.
Last week was a mostly positive week for our farmers. Both the CBOT and basis levels were generally positive. Spot corn closed up $14 per tonne with this year’s harvest up $6 and next year’s up $1. Both spot and this year’s harvest for soybeans closed up $13 per tonne. Next year’s harvest was up $4 per tonne. Spot spring wheat was up $12 per tonne with next year’s harvest up $7 per tonne. Spot hard red winter wheat was up $3 per tonne for this year and closed even for next year. Both spot and next year’s harvest for soft red winter wheat were down $1 per tonne.
The Pro Farmer crop tour ended in the US on Friday with their final yield estimates presented. They are estimating their corn yield at 182.7 bushels per acre with a range of 180.9 to 184.5 bushels per acre. For soybeans the final projection came in at 53.0 bushels per acre. The range for the soybean yield was 51.9 bushels per acre up to 54.1 bushels per acre. We should note that these yields are both below the USDA’s projection from earlier this month of 188.8 bushels per acre for corn and 53.6 bushels per acre for soybeans. It will be interesting to see this week if the market rallies based on the lower projected yields from the Pro Farmer tour or keeps the higher yields from USDA in focus.
On Friday the US Environment Protection Agency made an announcement about credits for small refineries in the US concerning biodiesel and ethanol blending. The Renewable Fuels Association described the announcement as a reasonable outcome. This is seen as somewhat supportive for the renewable energy market and soybean oil did close positive on Friday.
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
