Mark your calendar our Annual Customer Appreciation Day is Wednesday, June 26, 2019. Tuesday, June 18, 2019, 6:55 a.m. – Yesterday was another mostly positive day for our markets. Spot corn closed up 1 3/4, spot soybeans were up 16, spot spring wheat was down 3 and spot winter wheat was up 1. In the overnight trade all of our markets are firmly on the negative side.Oil closed down $0.58 yesterday at $51.93 per barrel. It is weaker again morning with it now trading at $51.59 per barrel. Our dollar traded within a narrow 10 basis point range yesterday. It had a low of $0.745 US and a high of $0.746 US. In the overnight trading it has turned lower with it currently valued at $0.744 US. The USDA released their weekly crop progress report yesterday and they are now recording the corn crop at 92% planted. This is up 9% from last week. Their 5 year average for this time of the year is 100% planted. The good to excellent rating of 59% remains unchanged from last week. Last year this crop was rated at 78% good to excellent. The soybean crop is now recorded as 77% planted. This is up 17% from last week but still remains behind the 5 year average of 93% planted. Next week this crop will be given a crop rating. The good to excellent rating for the winter wheat crop remains unchanged from last week at 64%. Last year this crop was only rated as 39% good to excellent. Harvest is starting to progress for this crop with 8% now completed. This is up from 4% last week but still remains behind the 5 year average of 20% completed. The spring wheat crop is rated at 77% good to excellent. This is down from 81% last week. Only 2%of this crop is headed which is far behind the 5 year average of 12%. Our markets have turned lower with the results noted above for the different crops. Plantings have progressed more than expected with the weather now being a bit more favourable for the US farmers going forward. Questions about ‘Prevent Plant’ acres for both corn and soybeans remain uncertain.Yesterday the corn market closed 10 cents lower than its high for the day. This plus the lower overnight prices is a weak technical sign for the market. Hopefully it is just a rest and not a full pull back from the recent run up in prices. 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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