We are no longer accepting wheat at the elevator. Please give us a call and we will make alternate arrangements for any wheat that you have on farm.
Tuesday, September 17, 2024, 6:55 am – Monday was a negative day for our markets. Harvest corn closed down 2 1/2, harvest soybeans closed down 1 3/4, spot winter wheat closed down 16 1/4 and spot spring wheat closed down 15 3/4. In the overnight trade corn is flat, soybeans negative, spring wheat mixed and winter wheat just positive. Oil closed up $1.44 yesterday at $70.09 per barrel. It is weaker in trading this morning with it now valued at $69.87 per barrel. Our dollar started out yesterday morning at $0.737 US and then went down to $0.735 US before noon. It has traded within that range since then with it currently valued this morning at $0.736 US.
The wheat market pulled back hard yesterday with a new 10 day weather forecast that has some significant moisture events coming to much of the US winter wheat planting areas. After coming off a 2 month high on Friday the winter wheat market gave back all of Friday’s gains yesterday. As has been the case this year it just seems that the wheat market cannot sustain any real rally. Something always comes up to pull prices back.
Yesterday the USDA released their weekly Crop Progress Report. The good to excellent rating for their corn crop increased 1% week over week to sit at 65%. Last year at this time the crop had a 51% good to excellent rating. They also report that 9% of this crop is now harvested. This is up from 5% last week and is just ahead of last year’s 8% and the 5 year average of 6% harvested.
For their soybean crop the good to excellent rating decreased 1% from last week to sit at 64%. Last year at this time this crop had a 52% good to excellent rating. They also report that the soybean harvest has now started with it 6% complete.
The spring wheat harvest continues with it now reported that 92% of the crop is harvested. This is up from 85% last week and is just ahead of both last year’s 91% harvested and the 5 year average of 90% harvested.
Winter wheat plantings increased 8% week over week to sit at 14% complete. This is just ahead of both last year’s 13% planted and the 5 year average of 13% planted.
This report should be slightly bearish for corn prices with the good to excellent rating increasing and slightly bullish for soybean prices with its good to excellent rating decreasing. For the wheat market the report should be considered neutral.
Geoffrey Guy | 613-880-2707 Delores Seiter | 613-880-7458 Bob Orr | 613-720-1271
