Wednesday March 22, 2017, 7:00 a.m. - Yesterday was a mixed day for our markets. Spot corn closed down 2 1/4, soybeans up 2, winter wheat closed down 3 3/4 and spring wheat closed down 10. In the overnight trading corn is flat, soybeans and winter wheat negative and spring wheat just positive. Oil was flat yesterday closing at $48.24 per barrel. It is much weaker overnight with it now trading at $47.54 per barrel. Our dollar hit a high of $0.754 U.S. yesterday morning and has been mostly down since then. It is currently trading at $0.746 U.S.. Weakness in our dollar can be coming from the downswing in oil prices and also a general repositioning of funds in the currency market. Wheat continues to be in the news. China is currently importing some U.S. Hard Red Spring & Winter Wheat. Rumours of imports from Canada are also being talked about. The domestice price of Chinese wheat is almost double the world price. Even with high import tariffs of 65% imported wheat is now very competitive in their domestic market. Talk of these imports was not enough to drive the wheat market as the forecasted rains in the U.S. has dampened the short term price outlook. The large sell off from managed money last week may have created some buying opportunities for them to get back into our markets with corn futures now about $0.25 off their early winter highs. However, they seem to be staying on the side probably until the end of the month Planting Intentions Report is released. Please call Geoffrey Guy at 613-880-2707 or Bob Orr at 613-720-1271 if you would like any direct ship pricing. Prices quoted herein are for product at our elevator.
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.
The American Society of Civil Engineers recently released their 2017 Infrastructure Report Card, which is an assessment of the condition of the nation's infrastructure across 16 categories. It found that the average grade was a D+.