Monday was a mostly negative day for our markets. Harvest corn closed down 1 1/2, harvest soybeans closed up 3, harvest winter wheat closed down 8 1/2 and harvest spring wheat closed down 9 1/2. In the overnight trade corn is positive with soybeans and the wheat sector negative. Oil closed up $0.03 yesterday at $61.53 per barrel. It is weaker in trading this morning with it now valued at $61.18 per barrel. Our dollar traded has traded between a low of $0.719 US and a high of $0.722 US over the last 24 hours. This morning it is currently valued at $0.721 US.
Prices mostly pulled back yesterday with traders in the corn market likely taking some profits after 6 straight positive trading days. With the increase the USDA did last week in corn export projections they are looking for an 11% increase over the previous marketing year’s corn exports. Currently their export program is 30% ahead of last year’s export pace. This would naturally lead everyone to belief that further increases in export totals should be forthcoming in future WASDE reports. This should continue to bring some support to the corn market going forward.
The USDA released their weekly Crop Progress Report yesterday. Corn plantings were up 2% week over week to come in at 4% complete. This is slightly behind both last year’s 6% and the 5 year average of 5% planted for this time of the year.
For soybeans they are reported at 2% complete. This compares to last year’s 3% and the 5 year average of 2% planted.
Spring wheat plantings increased 4% week over week to come in at 7% planted. This compares to 6% last year at this time and the 5 year average of 7% planted.
The good to excellent rating for their winter wheat crop decreased 1% from last week to sit at 47%. This compares to a 55% good to excellent rating last year at this time.
This report is a bit supportive for corn and soybean prices as the trade was looking for a bit more progress in their plantings. For spring wheat the report is neutral and with the decreased good to excellent rating in winter wheat the report is slightly supportive its price.et.
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.
Delores Seiter | 613-880-7458
Bob Orr | 613-720-1271
Office | 613-489-0956
