Wednesday May 4, 6:15 a.m. - Yesterday was a negative day for our markets. July Corn was down 12, soybeans down 13 3/4 and wheat was down 17. Overnight corn are soybeans are just negative with wheat being on both sides of the ledger. Oil was down yesterday and has continued this overnight. It is now trading at $43.66 per barrel. Our dollar has come down with oil and is currently trading at $0.783 U.S.. This is a loss of over 150 basis points in the last 24 hours. Some of this is the result of the lower oil price but most is due to renewed strength in the U.S. dollar versus most major currencies. The weakness in the market yesterday was probably the result of the market digesting the planting report released on Monday in the U.S.. With planting progress moving along nicely and a favourable weather forecast ahead to keep the planters moving, the market responded negatively. No weather premium at this time. We continue to get production estimate cuts for corn in both Brazil and Argentina. In addition soybean numbers from Argentina are still up in the air with many different estimates out there. These are bullish factors for our markets however the progress in the U.S. has outweighed these factors significantly. One last thing I forgot to mention yesterday from the U.S. Planting Progress Report was that spring wheat is now 54% planted. This compares to the five year average of 41%. It is also reported as 22% emerged. This news is just one more negative thought for the market to think about when trading wheat. Please call Geoffrey Guy at 613-880-2707 if you would like any direct ship pricing. We have prices right up to next years harvest. 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.
Though the U.S. Environmental Protection Agency is not expected to finish its assessment of glyphosate's potential links to cancer until later this year, an October 2015 EPA study mistakenly posted to the agency's website Monday concludes the active ingredient in Monsanto's Roundup is not carcinogenic to humans.