Dwight’s Visitation and Funeral Arrangements –> LINK
Tractor Rally for Dwight –
for details please contact
Dave Seabrook 613-227-1991
Our office will be closed for both Thursday and Friday this week. If you want to do any pricing please call me on my cell phone at 613-880-2707. I will do my best to get back to you in a timely manner!
Wednesday was a negative day for our markets. Spot corn closed down 4, spot soybeans closed down 2 3/4, spot winter wheat closed down 6 1/4 and spot spring wheat closed down 9 3/4. In the overnight trade corn and the wheat market are mixed with soybeans still negative. Oil closed down $0.93 yesterday at $73.32 per barrel. It is weaker in trading again this morning with it now valued at $73.22 per barrel. Our dollar started out yesterday morning at $0.694 US and then trended mostly higher going up to $0.696 US last night. It has eased back a bit this morning with it currently valued at $0.695 US.
Soybean prices were lower yesterday even though soybean oil prices went higher. Soybean oil in the US is very attractive on the export market with export sales already almost reaching the USDA’s projection for the full year. It is looking like this number should be increased with the USDA report on Friday. This year soybean oil used for biodiesel is projected to replace soybean oil used for cooking purposes as the number one usage of soybean oil in the US. One uncertainty going forward with the new regime in the US is what they will do with the current biodiesel mandate. There are some rumours that they will reduce this going forward. Time will have to tell this story to its conclusion.
Weekly ethanol grind numbers were released yesterday in the US. They decreased down to 1.102 million barrels per day which was a four week low for ethanol production. We should note though that ethanol production does remain 3.6% above 2023 production levels. There is still potential for the USDA to increase the amount of corn utilized for ethanol production in the WASDE report this Friday. If this is to occur it would of course be bullish for the corn market.