Monday was a mostly positive day for our markets. Harvest corn closed up 3/4, harvest soybeans closed down 10 3/4, spot winter wheat closed up 2 and harvest spring wheat also closed up 2. In the overnight trade corn and the wheat sector are mixed with soybeans now positive. Oil closed up $1.14 yesterday at $64.80 per barrel. It is weaker in trading this morning with it now valued at $63.71 per barrel. Our dollar started out yesterday morning at $0.724 US and then went down to $0.721 US early in the afternoon. It has bounced back just a bit this morning with it now currently valued at $0.722 US.
Soybean prices pulled back yesterday as they were starting to get close to their November highs for the year. It seems that they experienced some technical resistance yesterday but it just might be a case of some profit taking in the market after soybeans have rallied almost $0.70 per bushel over the last couple of weeks. Remember it will be hard for soybeans to continue to rally without any purchases from China. It was reported again yesterday the China continues to purchase soybeans from Brazil for November delivery. This is usually the time of the year that US soybeans would be dominating the Chinese marketplace.
Yesterday the USDA released their weekly Crop Progress Report. The rating for their corn crop was unchanged from last week at 71% good to excellent. Last year at this time their corn crop had a 65% good to excellent rating. They also report that 7% of the crop is now mature. This is up from 3% last week and compares with 10% at this time last year and the 5 year average of 7% mature.
The good to excellent rating for their soybean crop increased 1% week over week to sit at 69%. Last year at this time their soybean crop had a 67% good to excellent rating. They also reported that 89% of the crop is now setting pods. This is up from 82% last week and compares to 88% at this time last year and the 5 year average of 89% setting pods.
For their spring wheat crop the good to excellent rating decreased 1% week over week to sit at 49%. Last year at this time this crop had a 69% good to excellent rating. They also report that 53% of this crop is now harvested. This is up from 36% last week and compares with 48% last year at this time and the 5 year average of 54% harvested.
The winter wheat harvest is now almost fully complete with it reported at 98% done. This is up from 94% last week and is right in line with last year’s 99% complete and the 5 year average of 98% complete.
This report is mostly neutral for our crops with the steady good to excellent ratings. Spring wheat harvest is progressing well and winter wheat harvest is virtually complete.
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
