With the weekend snow our hours will go back from 7 am to 5 pm until the harvest resumes.

Tuesday was a mostly positive day for our markets.  Harvest corn closed up 2 3/4, spot soybeans closed down 2 3/4, spot winter wheat closed up 1/4 and spot spring wheat closed up 5 1/4.  In the overnight trade corn and spring wheat are mixed, soybeans are positive and winter wheat is negative.  Oil closed up $0.91 yesterday at $61.04 per barrel.  It is weaker in trading this morning with it now valued at $60.44 per barrel.  For the second straight day our dollar has traded between a low of $0.712 US and a high of $0.714 US.  The only difference being is that this morning it is at the high end of the range instead of the middle with it now currently valued at $0.714 US.

More doubt is coming out about the ‘Trade Pact’ between China and the US.  Limited information has come out of China about the details of the pact.  They continue to not confirm what has come out of the US about the deal.  They also continue to purchase large amount of soybeans from Brazil with limited purchases being made from the US.  Soybeans from Brazil are currently less expensive than US soybeans and we are all aware that China will purchase from the lowest cost provider.

Further to this it was reported that China imported a new record amount of soybeans in October with of course Brazil being the largest supplier.  They imported 9.84 million tonnes in October which was up 17.2% from October of 2024.  Year to date imports totalled 95.68 million tonnes which is up 6.4% from last year.  They are projected to import 112 million tonnes over the year which would leave just over 16 million tonnes for November and December.
On the positive for corn exports yesterday it was reported that Thailand has agreed to import 1 million tonnes of US corn under the recent trade deal made between the two countries.  This would be up from roughly 55 thousand tonnes over the last year.  We should note that Thailand is a large importer of soybean meal however soybean meal was not part of the recent deal.

With the USDA not providing weekly Crop Progress Reports private analysts have provided the market some numbers to work with.  They are estimating that the US corn harvest has reached 92% complete and the US soybean harvest is at 96% complete.

Remember on Friday the USDA will be releasing their monthly WASDE report and this will include a lot of data for the market to work with.  This might be a great time to look at your own farm marketing needs and possibly take some risk of the table for either this year’s crop or next year’s production.  The report could provide some wild swing in prices and placing a Target Order may allow you to take advantage of a temporary move higher in prices.  Give us a call anytime to discuss how to best position your marketing before the report is released.   

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.