Wednesday July 27, 2016, 6:40 a.m. - Yesterday was another mixed day for our markets. Harvest corn closed down 1 3/4, soybeans up 7 1/2, winter wheat down 14 and spring wheat down 10 1/2. In the overnight trading corn and winter wheat are negative with soybeans and spring wheat positive. Oil closed yesterday at $42.90 per barrel and is trading somewhat lower overnight. It is now at $42.55 per barrel. Our dollar was down yesterday morning with oil but rallied somewhat as the day went on due to other infuences. It is now trading at $0.758 U.S. which is about 30 basis points higher then yesterday morning at this time. The wheat crop in France is in the news again. Excessive moisture this year has led some analysts to predict a drop of up to 10 million tonnes in their production. The USDA has finally joined this group by cutting EU exports of wheat this year by about 2 million tonnes. This compares to earlier projections of a 2 million tonne increase in exports. The USDA has also noted that further cuts to exports numbers may be made at a later date. They did not say whether the large crop this year in Russia will lead to more exports from Russia. This just seems logical however the USDA (being a government agency) does not always work logical. A tour of the main spring wheat growing areas in the U.S. is currently being undertaken and they have released some prelimary yield estimates. These estimates are reported at 43.1 bushels per acre which compares to 51.1 reported last year and the five year average of 45 bushels. If this continues over their five day tour we could reasonably expect a rally in the spring wheat market. No large changes in U.S. weather forecasts at this time so no major changes are expected in the markets today. Please call Geoffrey Guy at 613-880-2707 if you would like any direct ship pricing. We have prices right up to next years harvest. Prices quoted herein are for product at our elevator.
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