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 2, spot soybeans closed down 3/4, spot winter wheat closed up 3 1/4 and spot spring wheat closed down 1 1/4.  In the overnight trade all of our markets are on the negative.  Oil closed up $0.33 yesterday at $60.48 per barrel.  It is weaker in trading this morning with it now valued at $60.09 per barrel.  With some very choppy trading over the last 24 hours our dollar has traded between a low of $0.717 US and a high of $0.720 US.  This morning it is at the low end of the report with it currently valued at $0.717 US.

Yesterday seemed to be a wait and see day for our markets.  Traders were waiting to see what type of deal would come out of the meeting between President Trump and President Xi in South Korea last night.  Unfortunately no real trade deal was agreed to between the two countries.  They came out and with a one year trade truce that will reduce tariffs a bit from both sides. 

China has supposedly agreed to increase purchases of US agricultural products that would of course include soybeans.  Unfortunately no targets were included and as such prices on the CBOT have pulled back.  Soybeans have traded up to $0.20 lower in the overnight session.  This trade truce can still bring some support to our markets if the marketplace can see substantial purchases being made by China.

Weekly ethanol production in the US decreased by 2% last week after increasing by nearly 12% over the previous 3 weeks.  They produced 1.091 million barrels per day.  The demand side was consistent with previous weeks with the net result being a 2% weekly growth in ethanol stocks up to 22.367 million barrels.  The low price of corn in the US is helping the ethanol industry to stay profitable at this time.

Some good news yesterday was that interest rates were decreased by 0.25% by both our Central Bank and the US Federal Reserve.  There are worries in both countries about their economic activity and as such near term future rate decreases do seem to be at risk.

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.