Wednesday, May 25, 2022, 7:05 a.m. – Yesterday was a negative day for our markets. Harvest corn closed down 13 3/4, harvest soybeans closed down 1 3/4, harvest winter wheat closed down 34 1/4 and harvest spring wheat closed down 20 1/2. In the overnight trade all of our markets remain on the negative side. Oil closed down $0.52 yesterday at $109.77 per barrel. It is stronger this morning with it now valued at $111.24 per barrel. Our dollar started out yesterday morning at $0.782 US and then went down to $0.777 US before lunch. It has traded within that range since then with it currently valued this morning at $0.778 US. Our markets started positive yesterday as they were trading based on the bullish for prices Crop Progress Report from Monday. Early in the morning prices turned negative as a potential trade deal was announced between China and Brazil. This deal is set to expand corn exports from Brazil to China. Corn prices rose in Brazil and fell in the US with thoughts that Brazil will increase their portion of the Chinese corn market at the expense of the US. With the pullback in corn prices our other markets also turned negative. Nothing else really changed for the soybean or wheat markets however they were caught up in the negative trend that the corn market was setting. The only real positive from the day was that prices for all of our commodities closed about 10 cents off their lows for the day. Unfortunately prices are still negative this morning. Another potential negative for the corn market going forward is talks that the US government is looking at waving some blending requirements for fuel for the summer driving season. This is in theory to help lower fuel prices but could potentially negatively affect ethanol usage. Only time will tell.
Please call Geoffrey Guy at 613-880-2707 or Delores Foster at 613-880-7458 or Bob Orr at 613-720-1271 or Bob Smith at 613-371-7460if you would like prices for crop you have stored on your farm. Prices quoted herein are for product at our elevator.