With the weekend snow our hours will go back from 7 am to 5 pm until the harvest resumes.

Monday was a positive day for our markets.  Harvest corn closed up 2 1/2, spot soybeans closed up 13, spot winter wheat closed up 8 and spot spring wheat closed up 6 1/2.  In the overnight trade corn and soybeans are negative with the wheat sector on the positive side.  Oil closed up $0.38 yesterday at $60.13 per barrel.  It is stronger in trading again this morning with it now valued at $60.47 per barrel.  Our dollar started out yesterday morning at $0.714 US and then trended lower going down to $0.712 US in the overnight trading.  It is a bit stronger this morning with it currently valued at $0.713 US.
It was nice to see our markets start out positive for the week.  Remember this Friday the USDA is releasing their November WASDE report which will include updated stock numbers and of most importance production numbers.  The markets have been trading with production numbers released by private companies.  Although these numbers are always important, we all know that the markets trade on what the USDA says.  This is true even if the market analysts do not agree with the USDA is reporting.

Soybeans traded higher with rumours (once again only rumours) that China had returned to the US market to purchase soybeans.  If China is going to get the 12 million tonnes of soybeans purchased by the end of January, they need to get active in the market.  Further to this soybean shipments out of the US are running 42% behind last year at this time.  This of course is directly related to the lack of Chinese purchases.

Corn exports out of the US have been running very strong this fall.  They are up 66% from last year and are projected to reach 2.975 billion bushels this year.  This would be a 5% increase from last year and many analysts think this increase is too conservative at this time and will easily be met and passed by the end of the trading year.

With the recent run up of prices for both this year and next year we are getting some producer interest in selling.  It is good advice to take advantage of the higher prices when you can.  Next year’s prices are higher than what most producers had sold the majority of this year’s crop at.  A small sale for next year will get you into the marketplace and help to cover some expenses.  We are also seeing increased interest in setting some targets that could hit if the markets take a run.  Give us a call anytime to discuss how either of these strategies could work for your farming operation.   

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.