The elevator is open 7 am to 7 pm going forward (weather permitting) including weekends.

Tuesday was a mostly positive day for our markets.  Harvest corn closed up 2 1/4, harvest soybeans closed down 1 1/4, spot winter wheat closed up 3 1/2 and spot spring wheat closed up 2.  In the overnight trade all of our markets are on the negative side.  Oil closed down $0.79 yesterday at $58.70 per barrel.  It is weaker again in trading this morning with it now valued at $58.65 per barrel.  Our dollar had a low yesterday morning of $0.710 US and a high in the overnight trading of $0.713 US.  It has eased back just a bit this morning with it now currently valued at $0.712 US.

Export soybean prices are now cheaper from the US then from Brazil.  However China keeps purchasing soybeans from Brazil with purchases made this week set for importing into China in December.  Without any Chinese purchases this year soybean exports are down 26% year to date in the US.  Even with the low cost of US soybeans export levels are low as other countries have not been taking advantage of this low price.  If and when the two countries do make a trade deal it seems that soybeans will be part of it.  When this occur and if it will make any significant change on the CBOT is a story that is yet to be told.  Remember analysts at that time can always say ‘it was already figured into the price structure’ and as such no big price change does occur.

Wheat prices continue to grind lower.  Recent reports out of Russia has a larger crop this year and they have lowered prices to keep their exports moving.  Favourable weather patterns in Argentina have led projections for their crop to increase.  The EU and Australia are also looking at larger crops this year.  All in all the supply side of this market is dominating.  Until something drastically happens to decrease supply it is hard to see this market sector having any significant price increase.

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.