Friday, July 10, 2020, 7:20 a.m. – Yesterday was a nice positive day for our markets. Harvest corn closed up 2 3/4, harvest soybeans closed up 4 1/4, harvest spring wheat closed up 2 and harvest winter wheat closed up 6 1/4. In the overnight trade corn and soybeans are positive with the wheat sector on the negative side. Oil closed down $1.28 yesterday at $39.62 per barrel. It is weaker again this morning with it now trading at $38.96 per barrel. Our dollar started out yesterday morning at $0.741 US and then fell to $0.736 US before lunch. It continued the trend down but much slower after that hitting a low of $0.734 US in the overnight trading. It is up just a bit this morning with it currently valued at $0.735 US. This year’s wheat production in much of Europe and Russia is being impacted by hot dry weather. Much of the wheat growing regions have received only 50% of its normal rainfall over the last 90 days. This is going to decrease production for this year which might finally lead to decreased world stocks. Weather in the US is currently a mixed bag however large parts of the Corn Belt remain hot and dry in the 7 day forecast. This weather pattern should continue to provide price support to our markets. Today the USDA releases their monthly WASDE report. This report is expected to take into account the decreased corn acreage reported with the Acreage report at the end of June. This will of course decrease production and crop year end carryout stocks. Normally in the this report the USDA does not amend projected yields for the current year’s crop but remember the USDA has surprised the market place in the past and can easily do it again. Any changes in production levels will affect prices going forward. Friday’s thought: Perpetual optimism is a force multiplier.
Please call Geoffrey Guy at 613-880-2707 or Bor Orr at 613-720-1271 or Delores Foster at 613-880-7458 if you would like prices for crop you have stored on your farm. Prices quoted herein are for product at our elevator.
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