Thursday, April 24, 2025, 7:25 a.m.

Wednesday was another mostly negative day for our markets.  Harvest corn closed down 3 1/2, harvest soybeans closed up 1, harvest winter wheat closed down 6 3/4 and harvest spring wheat closed down 2 3/4.  In the overnight trade corn is positive with soybeans and the wheat sector mixed.  Oil closed down $1.40 yesterday at $62.27 per barrel.  It is stronger in trading this morning with it now valued at $62.92 per barrel.  Our dollar started out yesterday morning at $0.724 US and then went down to $0.719 US early in the afternoon.  It has bounced back some since then with it currently valued this morning at $0.722 US.

Wheat prices pulled back again yesterday with HRW wheat prices hitting a new contract low.  With rains coming across much of the winter wheat growing regions in the US the prospect of a good crop increases and when supplies increase pressure is put on prices.  This is occurring even with the weekly good to excellent crop ratings decreasing over the last couple of weeks.

The negative pressure on wheat prices also helped to pull down corn prices with the two commodities fighting for market share in the domestic feed market.  Favourable growing weather in Brazil for their safrinha corn crop is also a current negative for the corn market.  They have received more than sufficient rain amounts for the growing crop.

Weekly ethanol production in the US rose 2% week over week to come in at 1.033 million barrels per day last week.  Blender demand also increased 2% week over week however exports were lower.  The net result was a decrease of 5% in ethanol inventories which is a positive sign for ethanol production prospects going forward.

Soybean futures are being supported a bit this week by President Trump and his almost daily trade rhetoric.  He has mentioned about the possibility of decreasing tariff amounts against China and also the possibility of reaching a trade agreement with them.  President Trump continues to feed the market uncertainty which I think we all feel will be a long time before it goes away.

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.