Wednesday, November 14, 2018, 6:55 a.m. – Yesterday was a negative day for our markets. Harvest corn closed down 4 3/4, harvest soybeans were down 5, spot winter wheat closed down 12 and spot spring wheat closed down 4 1/4. In the overnight trading soybeans and spring wheat are positive while corn and winter wheat are flat. Oil closed negative again yesterday for the twelfth consecutive day. It was down $4.24 to close at $55.69 per barrel. It is a bit stronger this morning with it now trading at $55.79 per barrel. Our dollar traded within a 20 basis points range over the last day. It traded between a low of $0.754 US and a high of $0.756 US. This morning it is currently valued at $0.755 US, The weekly Crop Progress Monitor was released yesterday in the US and it came with a couple of surprises as the harvest numbers for both corn and soybeans are behind market expectations. The corn harvest is now reported at 84% complete; this is up 8% from last week and is now behind the 5 year average of 87% complete. The soybean harvest is now reported at 88% complete, up only 5% for the week and still well behind the 5 year average of 93% complete. The winter wheat crop is now reported at 89% planted. This is up 5% for the week and remains 5% behind the 5 year average of 94% planted. This crop is now rated at 54% good to excellent which is up 3% from the previous week. Last year the crop was rated at the same 54% good to excellent. Commodity prices struggled yesterday with mostly outside influences pulling our markets lower. The continued lower price of oil resulted mostly in a lower stock market day and this swung over into our markets also. This has pulled ethanol prices down to levels not seen since 2005. Corn prices have fallen once again below the 100 day moving average price with soybeans just staying above their 100 day moving average price. Hopefully this week we will see some strong export numbers out of the US which should give our markets some strength. 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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