Geoff is off, please contact Delores, Bob, Tony or the office for any marketing needs. Contact info below.
Monday was a positive day for our markets, the big gainer being soybeans. Harvest corn closed up 2 1/4, harvest soybeans closed up 23 3/4, harvest winter wheat closed up 1/2 and harvest spring wheat closed up 1. In the overnight trade everything is back on the negative side. Oil closed up $0.08 yesterday at $63.96 per barrel. It is weaker in trading this morning with it now valued at $63.58 per barrel. Our dollar had a high of $0.726 US in the last 24 hours and a low of $0.725 US it is currently valued at $0.725 US.
Soybeans were the main highlight during yesterday’s trading session. On Sunday, Trump send out a post on X (Twitter) calling for China to quadrable their US soybean purchases, before the trade deadline, which was set for today, Aug 12th. The US is expecting to grow 4.3 bil bu of soybeans this year and usually exports around 1.7 bil bu, half of that to China. Quadrupling soybean exports to China would literally us up the entire US crop, not very realistic. China’s soybean purchases so far this year have been strictly from South America, signalling they’re going to by-pass purchasing US soybeans all together.
This morning, the news hit the dock that, again down to the wire, US and China have extended the trade deadline for another 90 days, until Nov 10th, and no soybean sales to China insight, yet.
The August WASDE report will come out today at noon, analysts’ expectations are for the USDA to increase both corn and soybean yields.
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
Tony Mitchell | 613-227-2525
Office | 613-489-0956
