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Friday was a negative day for our markets. Spot corn closed down 8 3/4, spot soybeans closed down 20 1/4, spot winter wheat closed down 16 1/2 and spot spring wheat closed down 11 3/4. In the overnight trade all of our markets have bounced back to the positive side. Oil closed up $0.53 on Friday at $73.96 per barrel. It is stronger in trading again this morning with it now valued at $74.23 per barrel. Our dollar traded between a low of $0.691 US and a high of $0.695 US on Friday with it closing out at $0.692 US. It has got stronger in the overnight trading with it currently valued this morning at $0.699 US. We should note that the higher currency this morning has come with reports that Justin Trudeau will step down as our Prime Minister early this week.
Last week was a mostly negative week for our markets. Spot corn closed down $1 per tonne with next fall’s harvest coming in flat. Soybeans were the strongest with spot prices up $4 per tonne and harvest 2025 up $1 per tonne. Spring wheat closed down $6 per tonne across the board. Winter wheat was down $7 per tonne on the spot market and $4 per tonne for harvest 2025.
It seems the small weather scare in Argentina was not large enough to keep our markets positive. The big pullback on Friday came with much precipitation expected after another week of dry weather. It was also reported that 81% of the soybean ground in Argentina currently has adequate moisture levels and that 89% of the corn acres also currently has adequate moisture levels.
The crops in Brazil keep getting larger with some new projections released showing their soybean production going up to between 175 million tonnes and 180 million tonnes. Last year they produced 153 million tonnes. Soybeans are currently over $1 per bushel less expensive on a FOB basis in Brazil then from the US. This is also putting strong negative pressures on the CBOT to go lower.
It is nice to see prices rallying this morning. Of course the analysts are saying it was oversold on Friday. Meaning that prices went down too far, too fast. Let’s wait and see what this week brings to our markets.