Elevator hours this week will depend on both the weather and if the combines are rolling.  Please call ahead if you are planning on coming after 5 pm.  

Tuesday was a positive day for our markets.  Harvest corn closed up 1 1/2, spot soybeans closed up 1 1/2, spot winter wheat closed up 4 1/2 and spot spring wheat closed up 12 1/4.  In the overnight trade corn and soybeans are mixed, spring wheat is positive and winter wheat is now negative.  Oil closed down $0.89 yesterday at $57.95 per barrel.  It is flat in trading this morning with it now valued at $57.94 per barrel.  Our dollar started out yesterday morning at $0.708 US and then trended higher going up to $0.711 US in the overnight session.  This morning it has pulled back a bit with it currently valued at $0.710 US.

It was another quiet day for our markets yesterday with the exception of spring wheat which I could not find any real reason for the rally.  The nearby trading months are moving from December on the CBOT to March for corn and the wheat sector.  This will force managed money to liquidate their nearby positions.  Sometimes when this occurs it does cause the markets to have some extra volatility.

There is much talk that the Russia / Ukraine war is coming to an end.  The end to the war has the potential to be bearish for the commodity markets with thoughts that exports would increase out of the Black Sea region.  I guess the increased exports would have to come from increased production that would come after the war ended.  No doubt if the war is over our markets will over react in the short term before levelling out to revised supply levels going forward.

Rumours and news reports yesterday have China purchasing between 10 and 20 cargoes of soybeans from the US this week.  This should be announced in the daily sales flash by the USDA this morning or possibly not until Friday.  If they purchased just over 10 cargoes this week that would bring them up to about 22% of 12 million tonnes that is widely being talked about.  The disappointing thing with this purchase is that the market did not move higher yesterday.  With the previous Chinese purchases market prices did move higher.

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.