The elevator is back to harvest hours this week, 7 am to 7 pm.  Of course this is weather permitting. 

Monday was another positive day for our markets.  Harvest corn closed up 2 3/4, spot soybeans closed up 19, spot winter wheat closed up 9 1/2 and spot spring wheat closed up 5 1/2.  In the overnight trade corn and soybeans are negative with the wheat sector mixed.  Oil closed up $0.07 yesterday at $61.05 per barrel.  It is weaker in trading this morning with it now valued at $60.17 per barrel.  With some choppy trading over the last 24 hours our dollar has traded between a low of $0.710 US and a high of $0.712 US.  This morning it is at the low end of the range with it currently valued at $0.710 US.

Soybean futures have recently increased by about $1.25 per bushel on the CBOT.  The marketplace has gained much strength from the Trade Pact made between the US and China.  Although there is still some uncertainty on how China will make their agreed upon soybean purchases the soybean market has rallied.  We should note that in the last week China has continued to purchase soybeans from Brazil and has probably purchased three times as much from Brazil as from the US in this time period.  China has historically purchased soybeans when they want from the lowest cost provider.  It is hard to see how they will purchase 12 million tonnes from the US in the next couple of months with Brazil now being a lower cost provider.  We should note that China has not clarified with their importers what their tariff position is concerning US soybeans at this time.  There is still much uncertainty about this trade pact and how it will affect our markets.

The wheat market was supported yesterday with rumours that China is looking at purchasing some US wheat in the near term.  Remember just rumours at this time.

It is not surprising to see corn and soybeans pulling back some this morning after the recent price increases.  Hopefully it is just a small correction and they will stabilise and possibly go back on the positive.

The USDA has announced that they will be releasing some reports this month.  This will include the monthly WASDE report on Friday, November 14^th.  The report will include updated stock levels and of course most importantly updated production levels for this year in the US.  Remember there has been much discussion this fall on how much of a decrease there would be made to the average corn yield mostly due to disease pressure.

A survey of analysts on Sunday in the US pegs their soybean harvest as 91% complete.   This compares to 94% harvested at this time last year.  They also estimate that the corn harvest is 83% complete compared to 91% at this time last year.

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.