Elevator hours this week will depend on whether the combines are rolling or not.  Please call ahead if you are planning on coming after 5 pm. 

Tuesday was a mostly positive day for our markets.  Harvest corn closed up 2, spot soybeans closed down 3 3/4, spot winter wheat closed up 2 1/4 and spot spring wheat closed up 9.  In the overnight trade corn and soybeans are negative, spring wheat is mixed and winter wheat is still on the positive side.  Oil closed up $0.83 yesterday at $60.74 per barrel.  It is weaker in trading this morning with it now valued at $59.22 per barrel.  Our dollar started out yesterday morning at $0.713 US and then went up to $0.716 US around noon.  It has traded within that range since then with it currently valued this morning at $0.714 US.

Even with more talk that a big soybean sale did occur to the Chinese buyers on Monday the soybean market pulled back a bit yesterday.  Possibly it is due to the fact that soybeans from Brazil are currently less expensive then soybeans from the US on the world market.  This difference expands out in February to roughly $45 US per tonne when the new crop is readily available from Brazil.  With the much lower price of soybeans in South America it is hard to see China purchasing the 12 million tonnes of soybeans from the US at least in the short term.  The purchase on Monday is thought of as a more of a one off occurrence until the marketplace sees something otherwise.

Yesterday I wrote about how the Weekly Crop Progress Report was delayed.  Turns out it was released and it is supposed to be released on their normal weekly schedule going forward.  The corn harvest came in at 91% complete. This is behind both last year’s 98% complete at this time and the 5 year average of 94% complete.  For soybeans the report puts their harvest at 95% complete.  This is close to both the 5 year average of 96% complete and last year’s 98% finished.

Winter wheat plantings are noted at 92% complete.  This is behind both last year’s 94% finished and the 5 year average of 95% completed.  The good to excellent rating for this crop came in at 45%.  This is behind last year’s rating of 49%.

This report is mostly neutral for corn and soybeans with harvest slightly behind the numbers that most analysts were thinking.  For winter wheat the report should be considered slightly supportive mostly due to the low good to excellent ratings. 

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.