Monday was another mostly negative day for our markets. Harvest corn closed down 1/2, harvest soybeans closed down 3 1/4, spot winter wheat closed down 1/4 and spot spring wheat closed up 1 1/2. In the overnight trade all of our markets are on the negative side. Oil closed down $2.27 yesterday at $63.45 per barrel. It is weaker again in the overnight trading with it now valued at $62.95 per barrel. Our dollar has traded in a very narrow 10 basis point range over the last 24 hours between a low of $0.718 US and a high of $0.719 US. This morning it is at the high end of the range with it currently valued at $0.719 US.
No big outside announcements yesterday to affect our markets like the start of last week. It is looking like traders will be focused on the harvest weather going forward which currently is looking very favourable for combining over the next two weeks over most of the US Corn Belt. Weather in South America is also very favourable for the start of planting in Brazil and the current wheat crop in Argentina.
The USDA will be releasing their Quarterly Stocks Report later today. This report is not always a market mover but it does set the year ending stocks for the previous marketing year and the beginning stocks for the current marketing year. There is some thought that the USDA will be adjusting the corn balance sheet with more production for last year and also more exports. No large market moving change is expected but you never know.
The USDA released their weekly Crop Progress Report yesterday. The good to excellent rating for their corn crop was unchanged from last week at 66%. They also reported that 18% of the crop is now harvested. This is up from 11% last week and compares to 20% harvested at this time last year and their 5 year average of 19% harvested.
For soybeans the good to excellent rating increased 1% week over week to sit at 62%. Harvest is also progressing for their soybean crop with it going from 9% complete last week up to 19% this week. This compares with 24% harvested at this time last year and the 5 year average of 20% complete.
They are no longer reporting on the spring wheat harvest as it now considered finished.
Winter wheat plantings increased 14% week over week to sit at 34% complete. This compares to 37% planted at this time last year and the 5 year average of 36% planted.
This report should mostly be considered neutral for our commodities. Not much changes for the row crops with harvest progressing well. For winter wheat plantings are slightly behind but not enough to drive any market rally.
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
Tony Mitchell | 613-227-2525
Office | 613-489-0956
