Tuesday, January 22, 2019, 6:55 a.m. – The markets were closed yesterday in the US for the Martin Luther King Jr. Holiday. In the overnight trading corn and soybeans are negative, spring wheat is on both sides of the ledger and winter wheat is positive. Oil closed flat yesterday at $53.80 per barrel. It is down this morning with it now trading at $52.71 per barrel. Our dollar traded between $0.751 US and $0.752 US for all day yesterday. In the overnight trading it has turned weaker with it currently valued at $0.750 US. Our main markets are lower today on reports out of China that their economic growth was slower in the fourth quarter than expected. It was reported at just over 6% but this was lower than previous projections. This has led to a pull back today in world economic growth over the next year which has led to the pull back in expected consumption. This pull back in consumption has had immediate results with the decreased oil prices and our commodity prices. Remember our markets are trading on rumours not hard facts. If and when actual trade data is released in the US we could see some wild swings in the marketplace. In order to take advantage of these sometime large short term price swings target orders can be utilised for both old crop in storage and expected production for this year. Give us a call anytime to discuss how they can be utilised for your specific farming operation. 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