Our office is closed today for Canada Day. The markets are open. If you want to price out any crop please call Geoffrey Guy at 613-880-2707.
Friday, July 1, 6:15 a.m. – Yesterday was a negative day for our markets. Harvest corn closed down 34, harvest soybeans closed down 20 1/4, harvest winter wheat closed down 38 1/2 and harvest spring wheat closed down 16. In the overnight trade corn and winter wheat are positive, soybeans are negative and spring wheat is on both sides of the ledger. Oil closed down $4.02 yesterday at $105.76 per barrel. It is stronger this morning with it now valued at $107.68 per barrel. Our dollar has traded between a low of $0.773 US and a high of $0.777 US over the last 24 hours. This morning it is currently valued at $0.774 US.
Yesterday the USDA released the Final Planted Acres Report. They did surprise the marketplace somewhat with the numbers released. Corn acres came in very close to the March Planting Intentions report. This was somewhat a surprise as most analysts had them decreasing a bit due to the slow planting this spring. Soybean acres were a bigger surprise in that they were much lower than expected. The marketplace was looking for a large increase in acres that just did not materialise. Spring wheat acres were also a bit higher than anticipated. We should note that they will be resurveying some of the northern states as there was still unplanted acres at the time of the survey. The new survey will be released with the August WASDE report. This survey is to confirm that the intended crops did actually get planted into those acres.
The markets were trading very choppy after the report then the weather forecast took over. A new 7 day forecast has some rain events coming to areas that have recently been very hot and dry. This forecast is seen as very favourable for crop growth and the negative trend took hold over the markets. Even with the change in acreage numbers reported by the USDA the weather forecast became the dominant player in the markets yesterday.
Please call Geoffrey Guy at 613-880-2707 or Delores Foster at 613-880-7458 or Bob Orr at 613-720-1271 or Bob Smith at 613-371-7460if you would like prices for crop you have stored on your farm. Prices quoted herein are for product at our elevator.