Monday was yet another mixed day for our markets. Harvest corn closed down 2 3/4, harvest soybeans closed down 9 3/4, harvest winter wheat closed up 5 and harvest spring wheat closed up 3. In the overnight trade corn and soybeans are positive with the wheat sector on the negative side. Oil closed up $1.73 yesterday at $62.52 per barrel. It is stronger in trading again this morning with it now valued at $62.85 per barrel. Our dollar had a high yesterday morning of $0.731 US and has trended lower since then. This morning it is currently valued at $0.728 US.
Soybeans were down yesterday with more negative fallout concerning the trade talks between the US and China. Trump had stated on the weekend that China had “totally violated its agreement with us” and now Chinese officials have stated that the US has “severely violated” their trade truce and it will take strong measures to defend its interests. The net result was a further pullback in soybean prices.
The USDA released their weekly Crop Progress Report yesterday. The good to excellent rating for their corn crop increased 1% week over week to sit at 69%. Last year at this time their corn crop had a 75% good to excellent rating. They also report that 93% of the crop is now planted which is up 6% week over week. Last year at this time they had 90% of the crop planted and the 5 year average is 93%.
Their soybean crop was given its initial crop rating for this season and it came in at 67% good to excellent. They also report that 84% of this crop is now planted. This is up from 76% last week and remains ahead of both last year’s 77% and the 5 year average of 80% planted.
The good to excellent rating for the spring wheat crop increased from 45% last week up to 50% this week. Last year at this time it had a crop rating of 74% good to excellent. They also reported that 95% of this crop is now planted. This is up from 87% last week and remains ahead of both last year’s 93% and the 5 year average of 90% planted.
For their winter wheat crop the good to excellent rating increased 2% week over week to come in at 52%. Last year at this time it had a 49% good to excellent rating. The winter wheat harvest has begun with it now reported at 3% complete. This compares to 5% at this time last year and the 5 year average of 3% harvested.
This report should be should be considered mostly neutral corn and soybeans with plantings getting near finished. For both spring and winter wheat the report is slightly bearish prices with their respective crop ratings increasing.
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
