Friday was mostly negative day for our markets. Harvest corn closed down 3 3/4, harvest soybeans closed up 1 1/2, spot winter wheat closed down 7 1/4 and spot spring wheat closed down 5 1/4. In the overnight trade corn, soybeans and spring wheat are negative with winter wheat now on the positive side. Oil closed up $0.74 on Friday at $65.72 per barrel. It is weaker in the overnight trading with it now valued at $64.46 per barrel. Our dollar traded between a low of $0.716 US and a high of $0.718 US on Friday with it closing out at $0.717 US. It is stronger in the overnight trading with it currently valued this morning at $0.718 US.
Last week was a negative week for our markets. The corn market was down $1 per tonne across the board. Harvest soybeans were down $5 per tonne with next year’s harvest down $2 per tonne. Spot spring wheat was down $1 per tonne with next year’s harvest ending up even. Winter wheat was down $1 per tonne for both the spot market and next year’s harvest.
News that mostly affected soybeans dominated our markets last week. The waiver of the export taxes in Argentina resulted in sales of 5.1 million tonnes of soybeans with 2.6 million of those sales scheduled for this November and December. Of course China was the main purchaser of these soybeans which further diminished any need they may have had for US soybeans this fall. President Trump also announced that he would be coming out with an aid program very soon for the US Farmers affected by any trade war.
The corn market continues to be supported by strong exports with Mexico being the largest purchaser. Export sales have reached 1 billion bushels which is 75% ahead of last year’s pace. Remember with production projected this year in the US of over 16 billion bushels this market does need exports to continue to increase.
Later today the USDA will be releasing their weekly Crop Progress Report. We should see a strong pace for harvest in both corn and soybeans as current weather patterns are very harvest friendly. The big crops will be making into the marketplace very soon. Locally the soybean harvest will most likely ramp into full gear this week with the nice harvest weather upon us.
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
