Tuesday January 17, 2017, 6:55 a.m. - Our markets were closed yesterday for Martin Luther King Day in the U.S.. In the overnight trading soybeans are up into the double digits, corn just positive and wheat is hovering around even. Oil closed flat yesterday at $52.37 per barrel. It is stronger this morning with it now trading at $53.11 per barrel. Our dollar was weaker yesterday going down to a low of $0.758 U.S.. It is much stronger this morning with it now trading at $0.767 U.S.. It should be noted that the U.S. currency has lost value versus most other major currencies this morning. Soybeans have jumped this morning with news of large rain events in parts of Argentina. Rain amounts varied from 5 inches up to 13 inches of rain in affected areas. This has caused more localised flooding. Sooner or later this wet weather in Argentina is going to result in decreased production estimates. It seems like the market is finally taking this wet weather into account with today's rally. Remember also that last weeks USDA's reports were generally supportive soybeans. These reports inlcuded record usage of soybeans which decreased carry out stocks in the U.S.. 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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