Wednesday, April 30, 2025, 7:35 a.m.

Tuesday was a negative day for our markets.  Harvest corn closed down 5 3/4 with spot corn down 13, harvest soybeans closed down 9 1/2, harvest winter wheat closed down 5 1/2 and harvest spring wheat closed down 5.  In the overnight trade corn is mixed, soybeans are negative and the wheat sector is positive.  Oil closed down $1.63 yesterday at $60.42 per barrel.  It is weaker in trading again this morning with it now valued at $59.97 per barrel.  With some choppy trading over the last 24 hours our dollar has traded between a low of $0.721 US and a high of $0.724 US.  This morning it is currently valued at $0.723 US.

Our markets reacted negatively yesterday to the fast planting progress reported on Monday for the spring crops.  New crop sales were reported for both corn and soybeans but this was unable to rally prices.  With the crops being planted at a faster than expected pace the market trades with the thought that a higher yield will be made which will result in more supplies coming to the markets which is negative for prices.

We should also note that speculative funds still hold a substantial long position (looking for prices to go up) in the corn market.  Yesterday they were liquidating some of this position and that most likely helped to push prices lower.  Nearby corn prices have now fallen below both the 50 and 100 day moving averages.  Soybean prices have fallen below their 200 day moving average but still remain just above the 50 and 100 day moving averages.

Support for both of these markets has come this year from the export market.  It is still widely expected that the USDA will have to increase export numbers with one of their monthly WASDE reports.  This could come as early as the May WASDE report.  When the USDA confirms higher exports and then lower carryout stocks that should provide some additional support.  Notice I wrote ‘should’ not ‘definitely will’ provide support.  We never fully know what the market will do until it is all over.

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.