The elevator is open 7 am to 7 pm going forward (weather permitting) including weekends.

Friday was a negative day for our markets.  Harvest corn closed down 4 3/4, spot soybeans closed down 3, spot winter wheat closed down 1/2 and spot spring wheat closed down 1.  In the overnight trade all of our markets are back on the positive side.  Oil closed down $0.29 on Friday at $61.50 per barrel.  It is weaker in trading again this morning with it now valued at $61.29 per barrel.  On Friday our dollar traded between a low of $0.712 US and a high of $0.715 US with it closing out at the top end of the range.  This morning it is just a bit stronger with it currently valued at $0.716 US.

Soybean prices are leading our markets higher this morning after what is being reported as successful trade talks between China and US this weekend in Malaysia.  US Treasury Secretary Scott Bessent said Sunday that China will make ‘substantial’ purchases of US soybeans.  He also stated that soybean farmers will be happy for this year and many years going forward.  We should point out that this has not been confirmed by any representative of China.  This positive news is leading the markets to believe that a trade deal will be finalized this week when the two presidents get together in South Korea.  It is nice to see that wheat and corn are jumping on the bandwagon and are also trading higher.

Prices pulled back on Friday as it looked like buyers were standing back and waiting on some trade news.  We should point out that soybean meal had traded positive for 9 consecutive trading days as it has rallied from some recent lows.  Domestic demand in the US seems to be picking up with the days of cheap soybean meal prices may be coming to an end.

Last week was the second consecutive positive week for our markets with a mixture of both the CBOT and local basis levels increasing.  Spot corn was up $6 per tonne with next year’s harvest up $3 per tonne.  Spot soybeans were up $11 per tonne for the second week in a row with next year’s harvest up $8 per tonne.  Spring wheat was up $3 per tonne for this year and $2 per tonne for next year.  Winter wheat was up $3 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.