Daily Blog
 

Wednesday, July 24, 2024, 6:55 am – Tuesday was a mixed day for our markets.  Harvest corn closed up 2 1/4, harvest soybeans closed up 6 3/4, harvest winter wheat closed down 5 1/4 and harvest spring wheat closed down 7 1/4.  In the overnight trade all of our markets have fallen into the negative.  Oil closed down $1.44 yesterday at $76.96 per barrel.  It is stronger in trading this morning with it now valued at $77.69 per barrel.  Our dollar started out yesterday morning at $0.727 US and has trended mostly lower since then.  This morning it is currently valued at $0.725 US.
 
Row crops rallied for the second straight day yesterday.  They continued to be supported by the hot dry weather forecast for the week with thoughts that it might stress some of this year’s crop.  We should note that soybean prices rallied even further in Brazil with demand picking up for their old crop soybeans.  Was this due to concerns with the US crop or some other reason?  Whatever was the ultimate reason a solid price increase is always welcomed. 
 
Harvest of the safrinha corn crop is nearing it send in Brazil.  Talk of strong yields is leading to rumours of total production numbers increasing for this crop.  This of course would give Brazil even more corn to export which would be a negative for corn prices going forward.  On the plus side for corn the USDA announced a new crop export sale yesterday to unknown sources.  This usually means China and if they are the purchaser this is a strong sign that US exports are competitive on the world market.  We all know that if China becomes a major purchaser of US corn that would be a great push for higher prices going forward.

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If you would like to talk about the markets or price some of your crop for the future or in store, please reach out to us. Prices quoted herein are for product at our elevator.

Geoffrey Guy | 613-880-2707
Delores Foster | 613-880-7458
Bob Orr | 613-720-1271
Office | 613-489-0956

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  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
 



 
Please send info to;
2518 Lockhead Rd,
North Gower ON K0A 2T0

or 
info@northgowergrains.com  
 

Local Cash Bids
 
CORN
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 spot  402'0
-1'6
 Harvest 2024  416'2
-1'6
 Harvest 2025  455'0
-2'0

SOYBEANS
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  1105'0
-6'0
 Harvest 2024  1059'0
-5'0
 Harvest 2025  1074'0
-4'0

WHEAT, HRS (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Harvest 2024  610'0
-0'6
 Harvest 2025  659'0s
-5'4

WHEAT, SRW
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Harvest 2024  547'0
0'0
 Harvest 2025  617'0
0'6

WHEAT, HRW (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Harvest 2024  547'0
0'0
 Harvest 2025  617'0
0'6

Price as of 07/24/24 10:22PM CDT.
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