Daily Blog

Friday, June 21, 2024, 7:25 a.m. – Thursday was a negative day for our markets.  New crop corn closed down 11, new crop soybeans closed down 15 1/4, new crop winter wheat closed down 9 1/4 and new crop spring wheat closed down 14 1/2.  In the overnight trade all of our markets have bounced back to the positive side.  Oil closed up $0.58 yesterday at $81.29 per barrel.  It is down a bit in trading this morning with it now valued at $81.20 per barrel.  Our dollar started out yesterday morning at $0.729 US and then trended higher hitting $0.731 US in the overnight trade.  It has pulled back a bit since then with it currently valued this morning at $0.730 US. 
 
Prices pulled back yesterday even with some supportive for prices weather concerns in the Corn Belt.  We keep talking about the hot dry weather in the Eastern Corn Belt and too much rain in the other parts of the Corn Belt.  Traders are just ignoring these weather issues and trading as if the growing crops have no concerns.  
 
Both corn and soybean prices fell through some technical resistance lines yesterday on the CBOT.  Soybean prices actually hit a new 3 year harvest low yesterday on the CBOT.  The current trend is not our friend with prices finding ways to go lower.   
 
We should also point out that speculative funds have been growing their short position (looking for prices to go down).  This is very unusual for this time of the year.  As we have mentioned above the market is discounting any weather issue this year which is also very unusual.  It seems that we are having somewhat of an unusual market these days.  This is just another reminder that nobody can always successfully predict how the market will react and trade to current events.
 
Friday’s thought: Exams and grades are temporary, but education is permanent and forever ongoing.  Congrat’s to all the high school students finishing up their exams this week. 
 

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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  435'0s
-4'6
 Harvest 2024  453'2s
-3'4

SOYBEANS
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  1160'4s
5'2
 Harvest 2024  1120'0s
3'2

WHEAT, HRS (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  611'4s
-7'2
 Harvest 2024  617'2s
-8'4

WHEAT, SRW
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  561'4s
-11'2
 Harvest 2024  575'6s
-10'2

WHEAT, HRW (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  561'4s
-11'2
 Harvest 2024  575'6s
-10'2

Price as of 06/22/24 10:36AM CDT.
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