Friday was a mostly positive day for our markets. Spot corn closed down 3 1/4 with harvest corn up 3, harvest soybeans closed up 6 1/2, harvest winter wheat closed up 12 and harvest spring wheat closed up 14 3/4. In the overnight trade corn, soybeans and winter wheat are negative with spring wheat alone on the positive side. Oil closed down $0.95 yesterday at $58.29 per barrel. It is weaker in trading again this morning with it now valued at $57.42 per barrel. Our dollar traded between a low of $0.723 US and a high of $0.727 on Friday with it closing out at $0.724 US. With some choppy trading in the overnight session our dollar is currently valued this morning at $0.725 US.
Last week was a mixed week for our markets. The CBOT was mixed and some lower local basis levels also pulled back prices. Spot corn was down $3 per tonne with this year’s harvest down $2 per tonne and harvest 2026 ending up even. Spot soybeans ended down $1 per tonne with this year’s harvest down $5 per tonne and next year’s down $1 per tonne. Spring wheat was up $4 per tonne on the spot market and $1 per tonne for this year’s harvest. Winter wheat closed up $1 per tonne across the board.
Nearby corn on the CBOT has fallen below the 50 day moving average with prices down about $0.30 per bushel over the last month. Even with the continued stronger than expected US corn export sales prices have fallen back. The quick planting pace this year in the US with the increased acres are hanging over this market. Of course the tariff threats are also a huge part of the price pullback.
The safrinha corn crop in Brazil was rated last week at 63% good to excellent which was up from the previous week. The wet season in Brazil has brought sufficient precipitation for this crop and the weather forecast going forward looks favourable for continued growth as the majority of the crop is now or soon will be in the pollination stage.
Analysts will be watching closely this afternoon to find out just how much crop got planted last week in the US. The quick planting pace is a negative for our markets as early planting generally leads to strong yields. The other thought in the US is that early corn plantings result in extra corn acres getting planted. Time will most definitely tell us how many acres end up getting planted. Remember the USDA is already looking for a large increase (3 million plus) in corn acres this year.
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
Office | 613-489-0956
