Dwight’s Visitation and Funeral Arrangements –> LINK
Tractor Rally for Dwight –
for details please contact
Dave Seabrook 613-227-1991
Our office will be closed for both Thursday and Friday this week.
Tuesday was a mostly positive day for our markets. Spot corn closed up 1/4, spot soybeans closed down 1/2, spot winter wheat closed up 2 and spot spring wheat closed up 2 1/2. In the overnight trade corn and the wheat sector are negative with soybeans just on the positive side. Oil closed up $0.69 yesterday at $74.25 per barrel. It is stronger in trading again this morning with it now valued at $74.61 per barrel. Our dollar had a high yesterday morning of $0.699 US and has trended mostly lower since then. This morning it is currently valued at $0.694 US.
Our markets were mostly negative to start the day yesterday but rallied as the trading day progressed. The markets continue to trade on the current weather patterns in Argentina which is now calling for rain events to return in the 10 + day forecasts. Winter wheat monthly crop ratings have decreased in the US which brought some support to the winter wheat market.
Corn prices continue to get support from the demand side of the market. The USDA report this Friday should confirm this and has the potential to bring some extra support with thoughts that the yearend carry out stocks might be decreased. One potential big negative for this market is early projections that the US Farmer will plant up to 5 million more corn acres this coming year than last year.
On the ethanol front I came across some interesting export numbers for the US. Canada is currently the largest purchaser of US ethanol. In November we purchased 214 million liters of ethanol from the US which was a 17% increase from November of 2023. India was the next largest purchaser at 91 million liters.