Happy Canada Day!

Our office is closed today but the markets are open.  If you would like to make a contract please call me on my cell phone, 613-880-2707.

Monday was a mostly negative day for our markets.  Harvest corn closed down 1 1/2, harvest soybeans closed up 2 1/4, harvest winter wheat closed down 2 1/2 and harvest spring wheat closed down 7 1/4.  In the overnight trade corn, soybeans and spring wheat are negative with winter wheat just positive.  Oil closed down $0.43 yesterday at $65.11 per barrel.  It is flat in trading this morning with it now valued at $65.12 per barrel.  Our dollar started out yesterday morning at $0.731 US and has trended higher since then.  This morning it is currently valued at $0.735 US.

The USDA released their Quarterly Stocks Report and also their Planted Acres Report yesterday.  No major changes to move the markets and as such we only saw the minor price movements noted above.

Both corn and soybean planted acres actually decreased from the Planting Intentions Report released back on March 31^st.  Corn acres came in at 95.203 million acres down from 95.326 million acres with soybean acres decreasing from 83.495 million acres down to 83.380 million acres.  Total wheat acres increased from 45.350 million acres up 45.478 million acres.  These changes were not enough to drive any markets.

The stocks level came in slightly higher than the average trade guesses but once again not enough to drastically affect prices.  Corn stocks came in at 4.644 billion bushels compared to 4.625 billion bushels.  Soybean stocks came in at 1.008 billion bushels compared to 0.974 billion bushels.  Wheat stocks came in at 0.851 billion bushels compared to 0.836 billion bushels.

In tomorrow’s report we will get into details on the Weekly Crop Progress Report.

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.