Monday was a negative day for our markets. Harvest corn closed down 11 1/4, harvest soybeans closed down 6 1/4, harvest winter wheat closed down 12 3/4 and harvest spring wheat closed down 11 1/2. In the overnight trade corn and the wheat sector are still negative with soybeans mixed. Oil closed up $0.71 yesterday at $65.29 per barrel. It is stronger in trading again this morning with it now valued at $65.65 per barrel. Our dollar started out yesterday morning at $0.731 US and then trended mostly lower going down to $0.728 US in the overnight trade. It has bounced back up some this morning with it currently valued at $0.730 US.
Prices pulled back yesterday and were pressured with a favourable weather forecast going forward over much of the US Corn Belt. Trade talks between China and the US are to continue today and possibly tomorrow. No firm announcements yet however it is positive that they are still talking. China imported a record amount of soybeans in April however the large majority of them came from Brazil. The monthly WASDE report comes out on Thursday this week and the marketplace will be watching for any changes being made to old crop stock levels with exports ahead of previous projections for both corn and soybeans this year.
The USDA released their weekly Crop Progress Report yesterday. The good to excellent rating for their corn crop increased 2% week over week to sit at 71%. Last year at this time it had a 74% good to excellent rating. They also reported that 97% of this crop is now planted. This is up from 93% last week and compares to 94% at this time last year and the 5 year average of 97% planted.
For soybeans the good to excellent rating increased 1% week over week to sit at 68%. Last year at this time this crop had a 72% good to excellent rating. They also reported that 90% of this crop is now planted. This is up from 84% last week and compares to 86% at this time last year and the 5 year average of 88%.
The good to excellent rating for their spring wheat crop increased 3% week over week to sit at 53%. Last year at this time it had a 72% good to excellent rating. They also reported that 82% of this crop is emerged. This is up from 73% last week and is in comparison with 86% at this time last year and the 5 year average of 81%.
Winter wheat’s good to excellent rating increased 2% week over week to sit at 54%. Last year at this time it had a good to excellent rating of 47%. Harvest was slow this week with it only increasing 1% week over week to come in at 4% completed. This compares to last year’s 11% complete and the 5 year average of 7% complete.
This report is overall negative for prices with the good to excellent ratings increasing for all of our commodities. The slow harvest for winter wheat is of some concern that the market analysts will be watching in the coming weeks.
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
Office | 613-489-0956
