The elevator is open 7 am to 7 pm going forward (weather permitting) including weekends.

Wednesday was a mixed day for our markets.  Harvest corn closed up 3 3/4, harvest soybeans closed unchanged, spot winter wheat closed down 1 1/2 and spot spring wheat closed down 2 1/2.  In the overnight trade corn is mixed, soybeans are positive and the wheat sector is still on the negative side.  Oil closed down $0.43 yesterday at $58.27 per barrel.  It is stronger in trading this morning with it now valued at $58.61 per barrel.  Our dollar has traded between a low of $0.711 US and a high of $0.713 US over the last 24 hours.  This morning it is right in the middle of the range with it currently valued at $0.712 US.

The soybean market found a couple of points of support yesterday.  Firstly, President Trump talked about tariffing US cooking oil imports from China into the US.  Earlier this year the US changed their support programs for biodiesel to exclude imported used cooking oils.  However it seems they are still being utilised even without the subsidies and as such President Trump made his announcement yesterday.  US Farmers are looking for these imports to be stopped which in theory would result in more domestic produced soybean oil being utilised in the biodiesel production.

Secondly, soybean crush data was released for September in the US.  They crushed 197.86 million bushels of soybeans in September.  This was up 4.24% from August and 11.59% from September of last year.  Even with the larger crush volume soybean oil stocks were actually decreased by 0.17% from the end of August.  These numbers are showing that demand for soybean oil in the US remains very strong and this will support the crush market going forward.

Corn prices have been able to bounce back a bit this week as the marketplace is playing with rumours of decreased yields.  It seems that most analysts are thinking that the last USDA estimate is too high.  How much it will be decreased as the harvest progresses and when the US Government will get back to work to make these announcements is yet to be seen.

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.