Monday was a mostly negative day for our markets. Harvest corn closed up 5 3/4, harvest soybeans closed down 1/4, harvest winter wheat closed down 3 1/2 and harvest spring wheat closed down 10. In the overnight trade corn, soybeans and winter wheat are negative with spring wheat mixed. Oil closed down $1.47 yesterday at $66.98 per barrel. It is weaker in trading again this morning with it now valued at $66.53 per barrel. Our dollar has traded between a low of $0.729 US and a high of $0.732 US over the last 24 hours. This morning it is currently valued at $0.731 US.
All of our markets did trade positive for a time yesterday with corn the only one that was able to close on the positive side. This market rallied from a 10 cent negative on the Sunday overnight market. This is a real positive for corn with possibly the lower ending stocks estimate put out by the USDA in their WASDE report on Friday helping to push prices higher. Generally the tighter stocks number should be helping prices however the prospects of a record large crop this year is most definitely a negative for prices going forward.
The USDA released their weekly Crop Progress Report yesterday. The good to excellent rating for their corn crop was unchanged week over week at 74%. Last year at this time the good to excellent rating was 68%. They also report that 33% of this crop is now silking. This compares with 39% at this time last year and the 5 year average of 34% silking.
For their soybean crop the good to excellent rating increased 4% week over week to sit at 70%. Last year at this time this crop had a 68% good to excellent rating. They also report that 47% of this crop is now blooming. This is up from 32% last week and compares with 49% at this time last year and the 5 year average of 47% blooming.
The good to excellent rating for their spring wheat crop increased 4% week over week to sit at 54%. Last year at this time the crop had a 77% good to excellent rating. They also report that 78% of this crop is now headed. This is up from 61% last week and compares to 74% at this time last year and the 5 year average of 75% headed.
Harvest continues with their winter wheat crop with it increasing 10% week over week to sit at 63%. Last year at this time they had 70% of the crop harvested with the 5 year average being 64%.
This report is definitely negative for prices for soybeans and spring wheat with the large increases in their respective good to excellent ratings. For corn the report is more neutral with the unchanged good to excellent rating. The winter wheat harvest has now just about caught up to the 5 year average after a slow start and this should be considered slightly negative for prices.
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
