Thursday, May 29, 2025, 7:40 a.m.

Wednesday was a mixed day for our markets.  Harvest corn closed down 3, harvest soybeans closed down 13 1/4, harvest winter wheat closed up 1 3/4 and harvest spring wheat closed up 5 1/4.  In the overnight trade corn and winter wheat are currently negative with soybeans and spring wheat positive.  Oil closed up $0.95 yesterday at $61.84 per barrel.  It is stronger in trading this morning with it now valued at $62.14 per barrel.  With some choppy trading over the last 24 hours our dollar has traded between a low of $0.722 US and a high of $0.724 US.  This morning it is right in the middle of the range with it currently valued at $0.723 US.

Wheat prices rallied yesterday and were supported by the Crop Progress Report on Tuesday afternoon.  The lowered crop rating for the winter wheat crop and the initial low crop rating for the spring wheat crop spurred prices higher.  Also for these markets crop production this year in India has come in much stronger than anticipated.  It was thought that a dry period when the crop was growing was going to hurt yields and the India was going to need to import wheat this year to meet domestic demand.   Currently it is looking like imports will not be required.

Soybean prices fell lower with weakness showing in the vegetable oil market.  The continued uncertainty in the US over their biodiesel mandate going forward is a cloud over this market.  There is also some concern that soybean acres may increase this spring in the US as some corn plantings are being delayed due to moisture and a portion of those acres could be switched to soybeans.  New crop prices on the CBOT fell just below the 20 day moving average yesterday.

Projections for the Safrinha corn crop in Brazil keep increasing.  The USDA currently has it pegged at 130 million tonnes with talk now that some private forecasters are looking for up to 140 million tonnes.  Last year they produced only 119 million tonnes.  This plus the expanded acres in the US this year is helping to keep a lid on prices.  Even the lowest initial crop rating for their corn crop in 6 years was not enough to drive prices higher yesterday.

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.