Monday was a mostly negative day for our markets. Harvest corn closed up 1 1/4, harvest soybeans closed down 1 1/4, spot winter wheat closed down 3 3/4 and harvest spring wheat closed down 2 1/4. In the overnight trade all of our markets have fallen on the negative side. Oil closed up $0.42 yesterday at $63.42 per barrel. It is weaker in trading this morning with it now valued at $62.91 per barrel. Our dollar had both a high of $0.725 US and a low of $0.723 US before noon yesterday. It has traded within that range since then with it currently valued this morning at $0.724 US.
Monday was a quiet day for our markets. It was possible that the marketplace was looking for some positive news on the Russia / Ukraine war. If the war was to end this would most likely be negative for prices as the supply side would open up somewhat. Weather in the US remains mostly supportive for crop growth and the markets remain surprisingly resilient in trading with the fallout of the USDA report last week.
The USDA released their weekly Crop Progress Report yesterday. The crop rating for their corn crop decreased 1% week over week to sit at 71% good to excellent. Last year at this time the crop had a 67% good to excellent rating. They also reported that 72% of this crop is in the dough stage. This is right in line with 72% at this time last year and the 5-year average of 73%.
For their soybean crop the good to excellent rating is unchanged from last week at 68% which was also the rating at this time last year. They also reported that 82% of the crop is now setting pods. This compares to 80% for last year and the 5-year average of 82%.
The winter wheat harvest has reached 94% complete. Last year at this time they had 96% of the crop harvested and the 5-year average is 95%.
The good to excellent rating for their spring wheat crop increased from 49% last week up to 50% this week. Harvesting for this crop is reported at 36% completed. This is up from 16% last week and compares favourably to last year’s 29% and the 5-year average of 35% complete.
This report should be considered mostly neutral for all of our crops.
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
