Friday was a positive day for our markets. Harvest corn closed up 10 1/4, harvest soybeans closed up 12 3/4, spot winter wheat closed up 2 and spot spring wheat closed up 1/4. In the overnight trade corn and soybeans are negative with the wheat sector on the positive side. Oil closed up $0.32 on Friday at $62.69 per barrel. It is stronger in trading again this morning with it now valued at $62.80 per barrel. Our dollar traded between a low of $0.721 US and a high of $0.723 US on Friday with it closing out right in the middle at $0.722 US. It has come back up in the overnight trading with it currently valued this morning at $0.724 US.
Last week was a positive week for our markets. Both spot corn and harvest corn closed up $4 per tonne. Corn for harvest 2026 closed up $3 per tonne. Spot soybeans closed up $6 per tonne with this year’s harvest up $7 per tonne and next year’s harvest up $4 per tonne. Spring wheat was up just $1 per tonne on the spot market and ended even for next year. Winter wheat was up $1 per tonne on the spot market and $2 per tonne for next year’s harvest.
On Friday the USDA released their much anticipated WASDE report. Although the September report is usually not much of a market mover they did pull out a couple of surprises for the marketplace with production increases for both corn and soybeans. These increases did not come from higher projected yields but from increased harvested acres.
For corn they decreased the yield projection from 188.8 bushels per acre down to 186.7 bushels per acre. Harvested acres were increased by 1.356 million acres up to 90.047 million acres. Planted acres were increased by 1.474 million acres up to 98.726 million acres. Net result was projected total production increased from 16.742 billion bushels in August up to 16.814 billion bushels now. As a comparison the US farmer produced 14.867 billion bushels last year. Projected carryout out stocks for this coming year were decreased from 2.117 billion bushels down to 2.110 billion bushels.
Soybean average yield was decreased by only 0.1 bushels per acre down to 53.5 bushels per acre. Planted acres were increased by 210 thousand acres up to 81.135 million acres with harvested acres increased by 209 thousand acres up to 80.313 million acres. Net result was their total production estimate was increased by 8.5 million bushels up to 4.301 billion bushels. Last year the US Farmer produced 4.367 billion bushels of soybeans. Projected carryout stocks were increased from 290 million bushels up to 300 million bushels.
It was really interesting to see the markets rally after the report came out on Friday. With increased production the report was slightly bearish prices for both corn and soybeans. Here we are on Monday morning and the markets are pulling back. They have to deal with the reality of the massive crops being harvested in the US this fall with the supply side dominating. It is now hard to see what is going to change to give row crops any significant price increases 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
