Tuesday, December 11, 2018, 6:00 a.m. – Yesterday was a negative day for our markets. Harvest corn closed down 1 1/2, spot soybeans were down 7, spot winter wheat closed down 6 and spot spring wheat closed down 6 1/4. In the overnight trading corn is flat, soybeans and winter wheat are negative and spring wheat is just positive. Oil closed down $1.61 yesterday at $51.00 per barrel. It is stronger this morning with it now trading at $51.22 per barrel. Our dollar started out yesterday morning at $0.751 US and went down during the day all the way to $0.745 US. It rebounded just a bit in the overnight trading with it currently valued at $0.746 US. Nothing really new on the trade front yesterday although concerns remain over what impact the arrest of the Chinese Executive last week in Canada will have. A Chinese Trade Delegation is expected in Washington next week and hopefully something meaningful will come out of these meetings. There are rumours that any Chinese agricultural purchase at this time may focus more on corn and ethanol than soybeans. This may just be a negotiating tactic to show once again that China can get by without soybeans from the US. Time will only tell. Today the USDA releases their monthly WASDE report. The December report usually only deals with the demand side and does not change production estimates for the year. The production side is dealt with in the January report. It will be interesting to see what the USDA does today with soybean stocks. An increase could indicate that they do not see soybean exports going back to China while a decrease could indicate they feel the trade war will be resolved and soybean trade with China will resume. It is also possible that they will only make a minor revision and leave any major changes for a later report. 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