Wednesday, September 20, 6:50 a.m. – Yesterday was a negative day for our markets. Harvest corn closed down 3 1/4, harvest soybeans were down 2 1/4, spot winter wheat closed down 1/2 and spring wheat closed down 5. In the overnight trading all of our markets are on the positive side. Oil closed down $0.43 at $49.48 per barrel yesterday after trading part of the day above $50. This morning it has rallied back up with it now trading at $50.02 per barrel. Our dollar was mostly flat yesterday holding right around $0.814 U.S. for most of the day. It has rallied (with oil) overnight and is currently trading at $0.817 U.S.. Statistics Canada has released some updated yield projections for corn and soybeans in Ontario and Quebec. The average corn yield for Ontario is projected at 169.5 bushels per acre. This is up from 161.6 bushels projected last month and 158.5 bushels from last year. Quebec’s average yield is projected to decrease from 168.2 bushels per acre last year to 156.0 this year. It looks like the crop in Southern Ontario is in better shape than Eastern Ontario and Quebec. Over the course of the next year this could result in corn moving eastward to fill any voids in supply. Soybean production in Ontario is projected at 49.3 bushels per acre which is up from 44.6 projected in August and 45.9 from last year. This will increase production from last year’s 124.0 million bushels up to 150.8 million bushels. A large increase indeed but not enough to affect any influence over the CBOT. There is increased talk that the possibility that wheat has finally hit the low for the year. However the prospects of what seems like an ever increasing yield in Russia hangs over this market. One concern with the Russian wheat though is that logistics problems in their country can hinder wheat actually getting to the export market. There is still some downward pressure on spring wheat as the yield in our Canadian Prairies continues to be stronger than thought earlier this yield when the crop experienced some extended dry weather. 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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The EPA, present at a meeting of state pesticide regulators, promised to issue a decision on dicamba use in time for state regulators and growers to make decisions for the 2018 growing season.
