Monday February 3, 2025, 7:25 a.m.

Friday was a negative day for our markets.  Spot corn closed down 8 1/4, spot soybeans closed down 2, harvest winter wheat closed down 6 1/4 and harvest spring wheat closed down 5.  In the overnight trade all of our markets continue on the negative side.  Oil closed down $0.20 on Friday at $72.53 per barrel.  It is stronger in trading this morning with it now trading at $74.31 per barrel.  Our dollar had a high on Friday of $0.695 US before pulling back and closing out at $0.688 US.  In the overnight trading it went down to $0.676 US before bouncing back up.  This morning it is currently valued at $0.680 US.

President Trump followed through on his threat and brought in 25% tariffs against imports from Canada and Mexico.  He also brought in an additional 10% tariff against China.  He did make a cut out for energy products from Canada putting the tariff amount at 10%.

Immediate Reaction / Results

• Currency value – Our dollar has weakened significantly.
• Countervail tariffs – Our federal government has announced 25% tariffs to start on some goods immediately with others added with the month.
• Our commodities – The grain markets are all trading negative but on the bright side have rebounded some from the lows in the overnight trading.
• Agriculture Tariffs – China, Mexico or Canada have not specifically identified our commodities as being currently targeted with countervail tariffs.
• Uncertainty and Volatility – Will continue to be the name of the game.

Last week was a mixed week for our markets.  Spot corn closed down $2 per tonne with harvest 2025 closing unchanged week over week.  Spot soybeans were down $4 per tonne with harvest 2025 down $2 per tonne.  Spring wheat was up $8 per tonne on the spot market and $5 per tonne for harvest 2025.  Winter wheat was up $6 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.