Tuesday was a negative day for our markets. Spot corn closed down 5 3/4, spot soybeans closed down 11 1/4, harvest winter wheat closed down 13 1/4 and harvest spring wheat closed down 3 1/4. In the overnight trade all of our markets remain firmly on the negative side. Oil closed down $4.35 yesterday at $102.27 per barrel. It is weaker again this morning with it now trading at $89.89 per barrel. Our dollar had a low yesterday morning before noon of $0.734 US and has trended mostly higher since then. This morning it is currently valued at $0.736 US.
Yesterday was a big negative day for our markets. Corn and soybean prices were bearish after the quick planting pace reported on Monday with the Weekly Crop Progress Report. Wheat prices were hurt with prospects of moisture for much of the droughted US HRW wheat growing region.
This morning prices are lower again as President Trump has announced that negotiations to end the war against Iran are going well. This was enough to pull crude oil prices back and also remove some of the war based bonus that is in our commodity markets. If the war does end we most likely could see a few more days of negative prices.
I would like to congratulate every one of our farmers that have locked in some attractive prices over the last month. The war brought on an increase in prices that was not related to supply and demand and it was great to see a lot of farmers take advantage of this. If you did not make any contracts the entire premium has not yet left the market. Give us a call to discuss to your farms current marketing position for this year’s production.
Delores Seiter | 613-880-7458
Bob Orr | 613-720-1271
Tony Mitchell | 613-227-2525
Office | 613-489-0956
