Monday, September 23, 2019, 7:05 a.m. – Friday was a mostly negative day for our markets. Harvest corn closed down 2, harvest soybeans closed down 10 1/4, spot spring wheat closed up 4 and spot winter wheat closed down 3 3/4. In the overnight trade corn, soybeans and spring wheat are positive while winter wheat is still negative. Oil closed down $0.04 on Friday at $58.09 per barrel. It is weaker this morning with it now sitting at $57.75 per barrel. Our dollar traded between a low of $0.752 US and a high of $0.754 US on Friday with it closing out the day at the high end. In the overnight trading it has turned down with it currently valued at $0.752 US. Trade talks ended on Friday with no announcement of any real progress being made. Further to this the visit to an American farm by the Chinese delegation was cancelled. With this news the soybean market traded down and fell below the 100 day average price. Over the weekend some news has come out that the tour of the farm was cancelled by the American side and is not to be taken as a sign that the negotiations did not go well. With this our markets have mostly turned positive this morning. Just a little bit more on a potential trade deal. President Trump said in a news conference on Friday that he doubts that a trade deal will be completed before the Presidential Elections next fall in the US. He also stated that he wants to see a full trade deal completed not just a partial deal (that would include agricultural goods) that was talked about last week. Spring wheat prices have finally started to rally with a significant amount of this crop yet to be harvested in the US. We will get those figures later today with the weekly release of the US Crop Progress Report. Do not expect a major run in prices as with the strong US currency their wheat is still mostly too expensive in the world market. Please call Geoffrey Guy at 613-880-2707or Bob Orr at613-720-1271 if you would like prices for crop you have stored on your farm. Prices quoted herein are for product at our elevator.
If you would like to receive our daily email (which is sent out at 8:00 a.m.) with our prices and the market commentary please call the office 613-489-0956