Monday, March 24, 2025, 7:25 a.m.

Friday was another mixed day for our markets.  Harvest corn closed down 2, harvest soybeans closed down 2 1/2, harvest winter wheat closed up 1 and harvest spring wheat closed up 3/4.  In the overnight trade all of our markets have fallen onto the negative side.  Oil closed up $0.21 on Friday at $68.28 per barrel.  It is stronger in trading again this morning with it now valued at $68.76 per barrel.  Our dollar traded between a low of $0.696 US and a high of $0.699 US on Friday with it closing out at $0.697 US.  It is a bit stronger this morning with it currently valued at $0.698 US.

The soybean market has been lacking direction lately with prices staying within a relatively small range.  With tariffs just around the corner (April 2^nd) this just could be the calm before the storm.  We also have to remember that next Monday the USDA will be releasing their Quarterly Stocks Report and the Planting Intentions Report.  Either of these reports could quickly give the market some direction.

It was reported on Friday that the US winter wheat is under stress due to drought.  The crop has come out of dormancy with 34% of the winter wheat growing area reported to be in drought.  This is up from only 12% last year at this time.  We should note though that this really has not been supporting prices very much.  Until the USDA starts releasing their Weekly Crop Prospects Report it seems the marketplace is somewhat ignoring the current growing conditions.  That weekly Crop Prospects Report is to start on April 7, 2025.

Managed money continues to be net sellers in the markets with them steadily increasing their bets that prices will be going down.  They have decreased their long position in the corn market from a near record long earlier this year down to about 100,000 contracts.  For soybeans and wheat they are currently holding short positions that are getting larger every 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.