Friday, August 16, 2019, 7:30 a.m. – Yesterday was a mostly negative day for our markets. Harvest corn closed up 3/4, harvest soybeans closed down 7 1/4, harvest spring wheat closed down 2 3/4 and harvest winter wheat closed down 4 3/4. In the overnight trade all of our markets are currently on the positive side. Oil closed down $0.76 yesterday at $54.57 per barrel. It is stronger this morning with it now sitting at $55.58 per barrel. Our dollar had a low yesterday morning of $0.750 US and has trended mostly up since that time. This morning it is currently valued at $0.752 US. What a difference a week makes. Last Friday it was hard to see anything that could happen to bring corn prices down. It was thought that the WASDE report on Monday would cut corn acres and most likely yield prospects also. Of course the exact opposite occurred and corn prices have fallen. With the planted acreage now confirmed at 90 million acres the only thing left is the yield debate. The USDA increased the projected yield by 4 bushels on Monday and this has helped to drive prices lower. It is hard now to see anything on the horizon which will bring prices back up any significant amount. The WASDE report for the soybean market was somewhat supportive. They decreased planted acres to under 80 million acres and left the projected yield unchanged from last month. With decreased total production we could have reasonably expected this market to rally. Unfortunately with the continued bad vibes about any potential trade deal between China and the US this market followed corn lower. It should be noted that world supplies of soybeans remain strong, demand has decreased from China and when these two factors are put together any large price increase going forward is unlikely. Friday’s thought: The markets are positive today, the sun is shining, and most of us are getting a least some rains for our crops. Life is good! Go out and enjoy it!
Please call Geoffrey Guy at 613-880-2707or Bob Orr at613-720-1271 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 613-489-0956