Monday, February 17, 2025, 7:30 a.m.

Our office is closed for Family Day today.  The markets are closed for Presidents Day in the US. 

Friday was another positive day for our markets.  Spot corn closed up 2 3/4, spot soybeans closed up 6, harvest winter wheat closed up 22 1/4 and harvest spring wheat closed up 17 1/4.  Oil closed down $0.55 on Friday at $70.74 per barrel.  Our dollar traded between a low of $0.704 US and a high of $0.707 US on Friday with it closing out at $0.705 US.  With some choppy overnight trading it is once again valued this morning at $0.705 US.

Last week was a mostly positive week for our markets.  The corn market was up $4 per tonne across the board.  Soybeans were up $4 per tonne for the spot market and down $2 per tonne for harvest 2025.  Spring wheat was up $2 per tonne for last year’s crop and $5 per tonne for this year’s crop.  Winter wheat was the overall star being up $6 per tonne on the spot market and $7 per tonne for this year’s harvest.

The wheat market took off on Friday and this also helped corn and soybean prices to close higher.  The rally was fueled by a few different items.

• A cold weather forecast for much of the winter wheat growing regions in the US has raised fears of hurting the dormant crop. A lack of snow cover has raised these concerns.
• Much of the same is occurring in the Black Sea region where another cold snap is hitting that area.
• The export restrictions in Russia also took effect on the weekend and this will decrease the availability of Russian wheat for export until new crop supplies hit the market.
• Finally speculative funds most likely liquidated some of their short positions (looking for prices to go down) on Friday when the rally took hold.

All in all the wheat market found some reasons to go higher and hopefully can keep doing the same this coming week.

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.