The markets are closed on Monday for President’s Day in the US. Our office will be closed as we celebrate Family Day here in Ontario. Friday, February 14, 7:55 a.m. – Yesterday was a mostly negative day for our markets. Spot corn closed down 3 1/2, spot soybeans closed up 3 3/4, harvest 2020 spring wheat closed down 4 1/2 and harvest 2020 winter wheat also closed down 4 1/2. In the overnight trade all of our markets are currently flat or just even. Our dollar has traded between a low of $0.754 US and a high of $0.755 US over the last 24 hours. This morning it is trading at the high end of the range with it currently valued at $0.755 US. Crude oil and soybean prices have been moving in lockstep recently. The falling in prices for both of these markets is directly correlated to the possible demand destruction related to the coronavirus in China. They are the world’s largest importer of both corn and oil. When China is able to control this virus we should see demand for oil start right back up. Wheat prices have pulled back some from their recent highs with the current strength of the US dollar hurting prices. As the US dollar has gained in value during the coronavirus outbreak it hurts US exports of wheat in the world market. Their wheat is currently expensive on the world market compared to other exporting countries especially Russia and France. Friday’s thought: What are we learning today and why are we learning it? Put your brain to work!
Please call Geoffrey Guy at 613-880-2707or Bob Orr at613-720-1271 if you would like prices for crop you have stored on your farm. 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