Friday was a negative day for our markets. Harvest corn closed down 1 3/4, harvest soybeans closed down 3 1/4, harvest winter wheat closed down 3 1/4 and harvest spring wheat closed down 3/4. In the overnight trade all of markets are still negative. Oil closed down $0.87 on Friday at $65.16 per barrel. It is stronger in trading this morning with it now valued at $65.98 per barrel. Our dollar traded between a low of $0.729 US and a high of $0.733 US on Friday with it closing out at $0.730 US. It is weaker in trading this morning with it currently valued at $0.728 US.
Last week was a mostly negative week for our markets. Both spot and this year’s harvest corn closed down $4 per tonne with harvest 2026 down $2 per tonne. Spot soybeans were down $7 per tonne with this year’s harvest down $5 per tonne and harvest 2026 ended up even. Spring wheat was down $2 per tonne for both this year and next year’s harvest. Winter wheat was up $3 per tonne for this year’s harvest and down $3 per tonne for next year’s harvest. We should note that basis increase for this year’s harvest was the reason that the winter wheat market did not close on the downside.
The corn market has been trending lower this month but has been supported by continued strong US exports. The 20, 50 and 100 day moving averages are all converging together as this market starts to focus on the continued mostly favourable growing weather in the US. Many analysts are struggling to come up with reasons on why this will not be a new record large crop in the US.
Later today the USDA releases their weekly Crop Progress Report and the marketplace is looking for row crop ratings to maintain and possibly increase this week. It was interesting last week that the Spring Wheat tour in North Dakota came in with a lower yield projection then the USDA has been working with. This could provide an area of support for this market going forward.
On the trade front President Trump announced yesterday that a deal was made between the US and the EU. Nothing real specific was mentioned about agriculture however taking some uncertainty out of the market is generally considered positive for prices going forward.
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
