Monday, October 21, 2024, 6:55 am – Friday was a negative day for our markets. Harvest corn closed down 2, harvest soybeans closed down 18 3/4, spot winter wheat closed down 16 3/4 and spot spring wheat closed down 12 1/4. In the overnight trade corn, soybeans and winter wheat are positive with spring wheat mixed. Oil closed down $1.98 on Friday at $68.69 per barrel. It is stronger in trading this morning with it now valued at $70.15 per barrel. Our dollar traded between $0.724 US and $0.725 US on Friday with it closing out at $0.725 US. It has come down a bit in trading this morning with it currently valued at $0.723 US.
Last week was a negative week for our markets. This year’s corn closed down $5 per tonne with next year’s harvest down $6 per tonne. Soybeans were the big loser for the week closing down $13 per tonne for both this year and next year. Spring wheat was close behind closing down $12 per tonne on the spot market and $10 per tonne for next year’s harvest. Winter wheat was down $10 per tonne for this year and $9 per tonne for next year.
Friday really was a disappointing day for our markets. They all started on the positive side but turned negative as the trading day progressed. Soybeans and both the wheats had over a 20 cent swing from the high to the low on the day. For corn and soybeans harvest pressures in the US with a favourable weather forecast that will keep the combines rolling brought negative pressure to the marketplace.
It is easy to see negative pressure on corn and soybeans with the record crops being harvested in the US. On the other hand last week should have been a positive week for the wheat market. Russia is trying to increase export prices and there are supply concerns going forward out of both Russia and Ukraine. This should have been enough to drive prices higher but unfortunately the wheat market turned lower. Not sure what to think of this other than ‘Wheat does what wheat does!’
Geoffrey Guy | 613-880-2707
Delores Seiter | 613-880-7458 Bob Orr | 613-720-1271
