Thursday, March 6, 2025, 7:25 a.m.

Wednesday was a positive day for our markets.  Harvest corn closed unchanged, harvest soybeans closed up 6, harvest winter wheat closed up 10 3/4 and harvest spring wheat closed up 7.  In the overnight trade all of our markets remain on the positive side.  Oil closed down $1.95 yesterday at $66.31 per barrel.  It is stronger in trading this morning with it now valued at $66.72 per barrel.  Our dollar had a low yesterday morning of $0.693 US and then trended higher going up to $0.699 US late in the day.  It has fell back in the overnight trading with it currently valued this morning at $0.696 US.

President Trump has put off the tariffs for another month.  Unfortunately this is only for the auto sector.  It was reported that the telephone conversation yesterday between President Trump and Prime Minister Trudeau did not go very well with any positive results.  Today President Trump is meeting with the President of Mexico and hopefully something positive will come out of this meeting.  There is some optimism by analysts that President Trump may end up announcing some carve outs from the tariffs and more specifically agricultural goods.  This might just be wishful thinking but only time will tell this story to the end.

Our markets bounced back some yesterday after a week of negative trading.  This probably included some profit taking from funds that have helped to push prices lower.  It also included some of the optimism that I noted in the previous paragraph.  We should note with the rally yesterday soybeans were able to stay above the $10 per bushel on the CBOT and corn just above the $4.50 level.  Both of these prices are seen as technical resistant levels.

Weekly corn ethanol production in the US increased week over week by 1% to sit at 1.093 million barrels per day.  Stock levels actually decreased by 1% to now sit at 27.289 million barrels.  Both blender demand and exports increased last week which resulted in the lower inventory levels.  If ethanol production was to stay at this rate over a year the USDA would have to increase their estimate for corn used for its production.

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.