Monday May 29, 2017, 7:15 a.m. - Friday was a mixed day for our markets. Spot corn closed up 5, soybeans down 13, winter wheat up 7 1/2 and spring wheat closed up 6 1/2. There was no overnight market due to the holiday today in the U.S.. Oil rallied $0.90 barrel on Friday to close at $49.80 per barrel. It is a bit lower today with it now trading at $49.67 per barrel. Our dollar closed last week at $0.743 U.S. which was up 30 basis points for the week. Trading is flat this morning with our dollar still valued at $0.743 U.S.. Much the same as I noted with Friday's report soybean prices remain under pressure. They hit a 13 month low as the market is well supplied and also some concerns from China have been revealed. Talk from China has the soybean crush margin currently with a negative return. With ample soybean supplies on hand and the massive crop from South America fully available for the export market it is rumoured that some orders from the U.S. may be cancelled. The Chinese buyer goes wherever the best deal is. The weekly USDA Crop Progress Report will be delayed until tomorrow due to the holiday today. This week's report could give more direction to the market as it is the first report of the growing season that gives a crop rating for corn. A poor crop rating is possible with the amount of flooding etc. from this spring and this could help to give corn prices a nice boost. Please call Geoffrey Guy at 613-880-2707 or Bob Orr at 613-720-1271 if you would like any direct ship pricing. Prices quoted herein are for product at our elevator.
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