Our office will be closed at 1:00 p.m. on Tuesday December 19th for our Christmas Party.
Friday, December 15, 6:05 a.m. – Yesterday was a mixed day for our markets with soybeans down hard. Spot corn closed up 1/2, spot soybeans were down 11 1/2, spot winter wheat closed up 1 1/2 and spot spring wheat closed up 4 1/2. In the overnight trading all of our markets are currently on the positive side. Oil closed up $0.44 yesterday at $57.04 per barrel. It is stronger again this morning with it now trading at $57.28 per barrel. Our dollar started yesterday morning at a daily low of $0.778 U.S. then spiked up to $0.786 when our Bank of Canada Governor talked about future interest rate hikes. It looks like rates may be coming up sooner than previously expected. The dollar came back down a little after this and generally traded sideways for the rest of the trading day and overnight. It is currently trading at $0.784 U.S.. Soybeans were pushed lower again yesterday with the January contract just above lows made back in November. Rains have come to much of Argentina with much more moisture in the forecast over the next week. It should be noted that there continues to be disagreement with the different weather models on the amount of rain to come. The bottom line is that with current rain events and more forecasted stress has been removed from much of the crops currently growing and the soybean market responded accordingly. Weekly export numbers were released yesterday in the U.S. and they were within or above market expectations. Wheat sales actually were above expectations with sales of 488 thousand tonnes. Sales were up 83% from the previous week and 97% from the prior four week average. This surge in sales has corresponded with the decrease in wheat prices. Corn exports of 877 thousand tonnes were in the middle of expectations and also in line with previous week’s sales. Soybean sales of 1.4 million tonnes were at the top end of expectations but were 28% lower than the previous week. Friday’s thought: One of the most important trips you may take in life is meeting people halfway! Please call Geoffrey Guy at 613-880-2707or Bob Orr at 613-720-1271 if you would like any direct ship pricing. Prices quoted herein are for product at our elevator.
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