Geoff is off, please contact Delores, Bob or Tony for any marketing requests. Contact info below.
Monday was a slightly positive day for our markets. Harvest corn closed down 3 3/4, harvest soybeans closed up 5 1/4, harvest winter wheat closed unchanged and harvest spring wheat closed up 3/4. In the overnight trade corn and winter wheats are negative with soybeans and spring wheat sector on the positive side. Oil closed down Monday at $66.21 per barrel. It is weaker in trading again this morning with it now valued at $65.49 per barrel. Our dollar had a high yesterday of $0.727 US and a low of $0.724 US. It is still sitting around the low this morning currently valued at $0.724 US.
Corn market hit new lows during yesterday’s trade. Getting bearish pressure from the oil market and favourable growing conditions. USDA Crop progress report was released yesterday. 88% of the corn crop is reported to have reached the silk stage, just shy of the 5 year average of 89%. The good to excellent rate stayed the same from last week at 73%
Soybeans saw some nice gains yesterday, supported by the turn around in the soybean oil market. OPEC announced of the weekend that there will be a production hike in September. From the USDA crop progress report, 85% of the US soybean crop has reached the blooming stage, just trailing by 1% from the 5-year average. The good to excellent rating was decreased to 69% from 70% last week.
Winter wheat is now reported to be 86% harvested, up from 80% last week. Spring wheat is reported to be 95% headed behind the 5-year average of 98%. And the good to excellent rating is down a percent at 48% from 49% last week.
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
