Daily Blog

Thursday, May 23, 7:00 a.m. – Wednesday was a mixed day for our markets.  New crop corn closed up 1 3/4, new crop soybeans closed up 5 3/4, new crop winter wheat closed down 4 1/2 and new crop spring wheat closed down 2.  In the overnight trade corn and soybeans are still positive with the wheat sector still negative.  Oil closed down $1.69 yesterday at $77.57 per barrel.  It is stronger in trading this morning with it now valued at $78.22 per barrel.  Our dollar started out yesterday morning at $0.732 US and then went down to $0.730 US around noon.  It has rebounded some since then with it currently valued this morning at $0.731 US.
 
Wheat prices pulled back a bit yesterday and are negative again this morning.  This is in spite of the extended dry weather that parts of Ukraine and Russia are experiencing in their major wheat growing regions.  Production projections have recently been decreased for these regions and if the market cannot sustain a rally with this occurring we may be looking at what is at least a short term high for the wheat market.  Does it have more possibility of going higher of course, but it might take more production cuts before this occurs. 
 
Soybean meal in the US has been providing some unexpected strength to the soybean market.  With Argentina back in the export business this year for soybean meal higher prices were expected to be limited.  There are also rumours circulating that China is looking at soybean purchasers from the US.  These potential purchases would be both an increase in old crop purchases and potentially their first purchases for new crop from the US.  Only rumours at this time but at least it is being talked about.
 
Corn should find some support from a reduced crop this year in Mexico.  Their corn crop has struggled with dry weather and there are projections that this year’s crop could be up to 20% lower than last year.  Bottom line should be increased imports from the US which in theory will be beneficial for prices.  We should also point out that last year Mexico was talking about banning corn imports from the US as they were looking at a ban on GMO corn.  As they continue to increase corn imports from the US no longer do we hear anything about this potential ban. 

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If you would like to talk about the markets or price some of your crop for the future or in store, please reach out to us. Prices quoted herein are for product at our elevator.

Geoffrey Guy | 613-880-2707
Delores Foster | 613-880-7458
Bob Orr | 613-720-1271
Office | 613-489-0956

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  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
 



 
Please send info to;
2518 Lockhead Rd,
North Gower ON K0A 2T0

or 
info@northgowergrains.com  
 

Local Cash Bids
 
CORN
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 spot  463'6
2'4
 Harvest 2024  486'0
2'0

SOYBEANS
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  1238'0
-8'2
 Harvest 2024  1214'6
-3'4

WHEAT, HRS (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  744'2
7'6
 Harvest 2024  754'4
8'2

WHEAT, SRW
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  698'4
5'4
 Harvest 2024  718'2
5'4

WHEAT, HRW (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  698'4
5'4
 Harvest 2024  718'2
5'4

Price as of 05/23/24 01:22PM CDT.
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