Episode 24 of Grains Matter Chatter is now live. JUST A FRIENDLY REMINDER MASKS OUR REQUIRED WHEN ENTERING OUR OFFICE
Wednesday, December 2, 2020, 6:55 a.m. – Yesterday was another negative day for our markets. Harvest corn closed down 5 1/4, spot soybeans closed down 6 1/2, harvest 2021 spring wheat closed down 4 and harvest 2021 winter wheat closed down 7 1/2. In the overnight trade corn and soybeans remain negative, winter wheat is positive and spring wheat is on both sides of the ledger. Oil closed down $0.79 yesterday at $44.55 per barrel. It is a bit weaker again this morning with it currently valued at $44.48 per barrel. Our dollar started yesterday morning at $0.771 US and trended up throughout the day and most of the overnight trading hitting a high of $0.774 US. After this it has turned back down with it currently valued at $0.772 US. Prices turned negative yesterday after starting the day out on the positive side. No new export sales were announced by the USDA to support prices. The ten day weather forecast for Brazil is projecting some significant rain events which should support crop growth. Wheat prices were under pressure with the winter wheat crop ratings increasing on Monday with the Weekly Crop Progress Report. Finally it was also reported that non-commercial net long positions are their largest in nine years. On the plus side for corn prices is that the domestic price of corn in China has continued to increase even though the CBOT has not kept up the pace. With their domestic price high it would seem that they would be importing more corn (hopefully from the US). Their purchases were very strong last summer and have fallen back over the fall. If they are to increase again this should be supportive for corn.
Please call Geoffrey Guy at 613-880-2707 or Bob Orr at 613-720-1271 or Delores Foster at 613-880-7458 if you would like prices for crop you have stored on your farm. Prices quoted herein are for product at our elevator.
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