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Monday was a negative day for our markets. Harvest corn closed down 7 1/2, harvest soybeans closed down 14, harvest winter wheat closed down 15 and harvest spring wheat closed down 11 1/2. In the overnight trade all the commodities remain on a downward trend. Oil closed up on Monday at $67.74 per barrel. It is weaker in trading again this morning with it now valued at $66.48 per barrel. Over the last 24 hours our dollar had a low yesterday morning before noon of $0.728 US and a high late in the day of $0.729 US. It pretty even in the overnight trade with it currently valued this morning at $0.729 US
Despite the U.S. attack on Iranian nuclear sites over the weekend, there was minimal impact on grain markets in Monday’s trade. Typically, geopolitical conflict tends to push grain prices higher, but that wasn’t the case—markets saw significant declines across the board. Interestingly, the stock market moved higher, displaying the opposite reaction to what many had anticipated.
Instead, market fundamentals took precedence. Forecasts now call for favourable weather well into the first week of July, coinciding with the critical pollination period. This afternoon’s crop progress report is expected to show improved crop conditions compared to last week
Weather has also been very favourable for the winter wheat crop. Global wheat prices dropped sharply yesterday, and North American wheat followed suit. However, there remains potential for volatility as the wheat harvest approaches. The ongoing conflict in Iran and threats to close the Strait of Hormuz—an important route for global wheat shipments—could still disrupt the market.
Spot corn demand has remained strong, yet prices hit new lows yesterday. New crop conditions are currently favourable, and Argentina is about halfway through its corn harvest. Combined, Brazil and Argentina are expected to produce 11–14 million metric tonnes more corn than last year. This points to strong yields and a potentially large crop, which unfortunately puts further pressure on prices.
Soybeans mirrored corn’s performance with a significant drop. Like corn, soybeans are benefiting from ideal growing conditions, and the USDA is expected to report improved crop conditions this afternoon. The market appears largely indifferent to outside geopolitical tensions for now.
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
