Dwight’s Visitation and Funeral Arrangements –> LINK
Tractor Rally for Dwight –
for details please contact
Dave Seabrook 613-227-1991
Our office will be closed for both Thursday and Friday this week.
Grains Matter Chatter – Episode 233
Monday was a positive day for our markets. Spot corn closed up 7, spot soybeans closed up 6, spot winter wheat closed 11 1/4 and spot spring wheat closed up 12 1/2. In the overnight trade corn, soybeans and winter wheat are now negative with spring wheat just positive. Oil closed down $0.40 yesterday at $73.56 per barrel. It is stronger in trading this morning with it now valued at $74.13 per barrel. Our dollar had a high yesterday morning of $0.700 US and then a low of $0.696 US around noon. It has stayed within that range since then with it currently valued this morning at $0.698 US. before pulling back for the rest of the day and the overnight trading. This morning it is currently valued at $0.692 US.
Weather in South America fueled our markets yesterday. That is more specifically the current dry weather in Argentina and Southern Brazil is now expected to stay intact for a couple of weeks. Instead of changing next week as previous weather forecasts had projected.
Corn prices rose up to $4.60 per bushel on the CBOT today for this first time since last June before pulling back. We should also note that the nearby high on the CBOT over the last year peaked at $4.75 per bushel. Corn exports out of the US have slowed down over the last three weeks and have fallen to the 5 year average after being at a much faster pace earlier in the trading year. The marketplace will need them to rebound to stronger levels going forward if they are to provide continued strength to prices.
We should also note that soybean prices closed yesterday 12 cents off their high for the day. They had almost gained back all of the losses ($0.2025) from Friday before pulling back in the later part of the trading day. Maybe the market is seeing that any decrease in production in Argentina will more than be made up from increased production this year in Brazil.