Tuesday April 25, 2017, 6:45 a.m. - Yesterday was a another mixed day for our markets with soybeans being strongly on the positive side. Spot corn closed up 2 1/4, soybeans up 10 1/4, winter wheat down 2 1/2 and spring wheat closed down 5. In the overnight trading all of our markets are in the negative with the exception of spring wheat which is just positive. Oil was down $0.39 yesterday to close at $49.23 per barrel. It is a bit stronger today with it now trading at $49.38 per barrel. Our dollar had a high yesterday morning of $0.746 and is now down to $0.737 U.S., a loss of 90 basis points. This loss came when the U.S. currency is weakening against some other major currencies. The value of our dollar is now at its lowest for this calendar year. As with our commodity prices some analysts are projecting our dollar to further weaken and some are predicting it will strengthen. Only time will tell the story. We continue to watch this closely as it usually directly affects local basis levels. As we mentioned yesterday the strong soybean prices occurred even with all of the bearish news in the market place. Overnight the markets are not so robust as they are trading on the data released yesterday with the weekly U.S. crop progress report. Corn planting is now reported at 17% (up 11% for the week) and this compares to the five year average of 18%. Soybeans are now 6% planted which is ahead of the five year average of 3%. Spring wheat is at 22% planted which is still behind there five year average of 34%. Winter wheat is rated at 54% good to excellent which is stable with last week and just below the 59% rating from last year. Bottom line for the crop report is that the U.S. Farmer can plant their crops fast when they get good weather. This weekly report will put bearish pressure on prices with the exception of spring wheat. Please call Geoffrey Guy at 613-880-2707 or Bob Orr at 613-720-1271 if you would like any direct ship pricing. Prices quoted herein are for product at our elevator.
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USDA said that spring wheat planting in the six key states as of April 16 was at 13%, which is behind the five-year average of 21%. South Dakota is the only state of the six listed that is ahead of average.