With today being a rainy day we probably will be closing at 5 pm.  Please call ahead if you are looking to come after this time.   

Tuesday was a mostly negative day for our markets.  Harvest corn closed down 2 3/4, spot soybeans closed down 12 3/4, spot winter wheat closed up 6 3/4 and spot spring wheat closed down 1 1/4.  In the overnight trade corn and soybeans are positive with the wheat sector negative.  Oil closed down $0.49 yesterday at $60.56 per barrel.  It is stronger in trading this morning with it now valued at $60.99 per barrel.  Our dollar started out yesterday morning at $0.710 US and has trended lower since then.  This morning it is currently valued at $0.707 US.  This is the lowest our dollar has been since early April of this year.

Our markets pulled back yesterday after the strong recent price increases especially on the soybean side.  Soybeans were down much lower during the trading day before rallying near the end to close roughly 10 cents off their low.  All three aspects of the soybean market were down yesterday, oil, meal and soybeans.  The corn market just followed along with the action in the soybean market.

Soybean prices are now lower in Brazil and with this some export business is moving from the US to Brazil.  It seems that Brazil still has ample old crop supplies to meet the demand.  With other business leaving the US it is getting more and more important on a daily basis that China ramps up their US purchases which will help to move some of the large crop just harvested.  It is a good sign this morning that prices are rallying once again.  Whether this market is trading on hope or actual confirmation of purchases it really does not matter.  The great thing is that we continue to see prices in this market that only a few weeks ago seemed unattainable.

Wheat futures were somewhat supported again yesterday with rumours that China is looking at purchases from the US.  With the negative prices this morning we can extrapolate that no purchases have been confirmed and as uch prices are pulling back.

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.