Tuesday was a mixed day for our markets. Harvest corn closed up 2 1/4, harvest soybeans closed up 1 1/4, harvest winter wheat closed down 5 3/4 and harvest spring wheat closed down 2 1/2. In the overnight trade corn and the wheat sector are positive with soybeans on the negative side. Oil closed down $0.20 yesterday at $61.33 per barrel. It is stronger in trading this morning with it now valued at $61.89 per barrel. Our dollar started out yesterday morning at $0.721 US and then went down to $0.716 US in the afternoon. It has trended positive since then with it currently valued this morning at $0.719 US.
Our markets traded mixed yesterday with both spot corn and soybeans negative with harvest corn and soybeans up. This is not usually seen however with both close to even it really is not a major concern. The nearby markets seem to be more affected by all the tariff talk. With President Trump overseeing all of the trade negotiations in the US we will most likely continue to see conflicting information coming out of the white house. As we talked about last week many analysts are feeling that the US will end up with many new trade agreements out of all of this turmoil and possibly our markets will not be that negatively affected.
Soybean crush data for the month of March in the US came in a bit lower than expected. They crushed 194.55 million bushels of soybeans in March which was below the average trade estimate of 197.6 million bushels and also below last year’s March crush of 196.4 million bushels. This is the second consecutive month that the crush has fallen on a year over year basis. It also brings into question how the USDA projected a 10 million bushel increase in the crush total for this marketing year with last week’s WASDE report. On the supportive side for soybeans was that the oil stocks number came in at 1.498 billion pounds which was lower than the average trade estimate of 1.617 billion pounds. Strong demand for soybean oil in March resulted in the lower stocks total. The reality for the crush data is that it is negative for soybean prices with a smaller overall demand with the positive being that soybean oil remains in strong demand.
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
