Monday, October 14, 2024, 8:00 am – Friday was a negative day for our markets. Harvest corn closed down 2 3/4, harvest soybeans closed down 9 1/4, spot winter wheat closed down 4 3/4 and spot spring wheat closed down 6 1/2. In the overnight trade all of our markets remain on the negative side. Oil closed down $0.29 on Friday at $75.56 per barrel. It is weaker in trading again this morning with it now valued at $73.89 per barrel. Our dollar traded between a low of $0.726 US and a high of $0.728 US on Friday with it closing out right in the middle at $0.727 US. It has weakened in trading this morning with it currently valued at $0.725 US.
Last week was a mixed week for our markets with most of the upside coming from increased basis levels due to the recently lower Canadian dollar. Spot corn ended even over the week with harvest for next year down $1 per tonne. Spot soybeans closed down $5 per tonne with next year’s harvest down only $1. Spring wheat was our strongest market with it closing up $4 per tonne for both spot and next year. Winter wheat was up $3 per tonne for this year and $2 per tonne for next year.
Friday brought the release of the monthly WASDE report from the USDA. They really did not shock the marketplace with anything in the report however they did once again confirm the large corn and soybean crops being produced this year by the US farmer. With the lack of significant positive news the markets took this as negative and turned lower at the end after trading positive in the morning.
They actually increased the projected corn yield from 183.6 bushels per acre up to 183.8 bushels per acre. This resulted in only a small change for total production and a corresponding increase in carryout stocks. The corn yield remains at a new record with production totals being the 2nd largest crop ever grown in the US.
For soybeans the projected yield decreased from 53.2 bushels per acre down to 53.1. This did decrease total production slightly but no changes were made to the yearend carryout stocks. Both soybean yield and total production will set new records this year in the US.
Geoffrey Guy | 613-880-2707
Delores Seiter | 613-880-7458 Bob Orr | 613-720-1271
