Thursday, September 23, 2021, 7:10 a.m. – Yesterday was a nice positive day for our markets.  Harvest corn closed up 8 1/2, harvest soybeans closed up 8 3/4, spot winter wheat closed up 15 1/2 and spot spring wheat closed up 15 3/4.  In the overnight trade corn is negative with the rest of our board remains positive.  Oil closed up $1.74 yesterday at $72.23 per barrel.  It is weaker this morning with it currently valued at $71.72 per barrel.  Our dollar had a low yesterday morning of $0.780 and has trended mostly up since that time hitting a high of $0.790 in the overnight trade.  It has eased back just a bit since that time with it currently valued at $0.789 US.
 
Our markets were positive yesterday as they seemed to brush off the concern that was brought forward on Monday about the economy in China.  This concern dealt with debt problems for a major Chinese Real Estate developer.  It is looking now like the Chinese Government will somehow work through this mini crisis as they released a statement saying that interest payments would not be missed.  This supported the Chinese stock exchange and also the price of oil with thoughts that economic activity in China would not be diminished.  The end result was that our commodities bounced back strong yesterday.
 
Further to the above yesterday morning a forged email was sent to a reporter stating that the US administration was cutting back their renewable fuels standards / usage for next year.  Corn and soybean oil took a quick turn negative but then bounced back up when it was determined the email was not authentic.  This just shows how many things can affect our marketplace whether they are true facts or not. 
 
US exports are once again flowing out of the Louisiana Gulf Coast terminals.  It has been reported that they loaded 7 export vehicles last week.  This is down from 23 last year at this time but it is still positive to see exports flowing.  It is unknown yet how long it will be before all the terminals are working at full capacity.  In theory the decrease in exports out of the Gulf Coast could help build some increased demand for Canadian exports.  The recent increase in local soybean basis levels could be a result of this.