The elevator is open 7 am to 7 pm going forward (weather permitting) including weekends.

Monday was a nice positive day for our markets.  Harvest corn closed up 5 1/2, spot soybeans closed up 25 1/2, spot winter wheat closed up 13 1/2 and spot spring wheat closed up 3 1/4.  In the overnight trade all of our markets remain on the positive side.  Oil closed down $0.19 yesterday at $61.31 per barrel.  It is weaker in trading again this morning with it now valued at $60.36 per barrel.  Our dollar started out yesterday morning at $0.716 US and then went down to $0.714 US before noon.  It has traded within that range since then with it currently valued this morning at $0.714 US.

Our markets rallied yesterday and were led by strength in the soybean market.  Strength came from confidence that a trade deal between the US and China would be finalized this week and this deal would specifically deal with soybean purchases.  Remember China has made zero purchases this year of soybeans from the US and it seems that the rumours last week that they were purchasing US soybeans was just that, a rumour.  There is also talk that the current agreement is mostly a framework for a deal and not a deal with specific targets etc.  This potential agreement seems to be a verbal agreement and will not be binding under International Law between the two countries.

Corn and wheat prices followed soybeans higher yesterday and this morning.  Wheat was stronger as the marketplace is guessing that a new trade deal with China will also lead to wheat sales being made.  Although the fall corn harvest is being hampered in China due to some extreme rain events they would be an unlikely purchaser of US corn.  We should note that China is pretty much self-sufficient in corn needs with estimated reserves held that are almost as high production levels in the US most years.

Harvest is progressing well in the US.  With the USDA not providing the weekly Crop Progress Report during the current government shutdown a survey of private analysts has provided some data.  They are estimating that the US soybean harvest is at 84% complete which compares to 89% last year at this time.  For corn they are estimating that the harvest is at 72% complete compared to 81% at this time last year.  Harvest was delayed over the last week due to rain over much of the US Corn Belt.

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.