Tuesday, February 19, 2019, 6:40 a.m. – Friday was a mixed day for our markets. Spot corn closed unchanged, spot soybeans closed up 4, spot spring wheat was down 1 3/4 and spot winter wheat was down 2 3/4. In the overnight trade corn, soybeans and spring wheat are hovering around even with winter wheat firmly on the negative side. Oil closed up $1.18 on Friday at $55.59 per barrel. It is stronger again this morning with it now trading at $55.87 per barrel. Our dollar had a low Friday morning of $0.751 US but gained strength from this point and closed out for the weekend up 40 basis points at $0.755 US. After rising up to $0.756 US in the overnight trading it is currently valued at $0.755 US. Our markets continue to look for direction from the trade talks between China and the US. There were many rumours last week with some being positive and some being negative. The most positive is probably that talks are going to continue this week in Washington. Wheat prices continued down on Friday and this morning as US wheat is no longer price competitive in the world market. This came as prices have fallen for wheat from Eastern Europe and Russia. US wheat was some of the lower priced wheat in the world and export sales were expected but it is beginning to look like not much US wheat was sold when prices were lower. This is leaving a glut of wheat in the US and with the continued high stocks and low prices managed money is rumoured to be liquidating their position pushing prices further down. Bottom line is there is nothing currently positive in this market to drive prices higher. Please call Geoffrey Guy at 613-880-2707or Bob Orr at613-720-1271 if you would like any direct ship pricing. Prices quoted herein are for product at our elevator.
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