Wednesday, October 16, 2019, 6:45 a.m. – Yesterday was a negative day for our markets. Harvest corn closed down 4 1/2, harvest soybeans closed down 6 1/2, spot spring wheat was down 6 1/2 and spot winter wheat was down 4. In the overnight trading all of our markets are still negative. Oil closed down $0.78 yesterday at $52.81 per barrel. It is stronger this morning with it now sitting at $53.11 per barrel. Our dollar has traded within a 20 basis points range over the last 24 hours. It had a low early yesterday of $0.756 US and a high later in the day of $0.758 US. This morning it is currently valued right in the middle of the range at $0.757 US. Lots of different reports coming out of China yesterday about the potential Phase 1 trade deal. First it was that many details needed to be ironed out before any deal could be finalised. Then a report that they confirmed basically what the American side was saying that a structure of a deal was agreed upon. Then reports that the deal would be contingent on the US getting rid of some of the current tariffs in place not just making sure no further increases took place. With all of this different talk the market is reacting like no deal is in place or will be very soon. Yesterday in the US the weekly Crop Progress Report was released. The good to excellent rating for corn decreased by 1% from last week to sit at 55%. Only 73% of this crop is reported as mature. This is up 15% from last week but remains well behind the 5 year average of 92% mature. Corn harvested increased by 7% to sit at 22%. This is well behind the 5 year average of 36% harvested. The good to excellent rating for the soybean crop increased by 1% from last week to now sit at 55%. They report that 85% of their crop is now mature and is dropping leaves. This is up from 72% last week and remains well behind the 5 year average of 93% dropping leaves. The soybean harvest increased by 12% from last week with it now reported as 26% complete. The 5 year average for harvest is much higher at 49% complete. The spring wheat harvest is slowly nearing completion with it reported now being at 94% complete. This is up 3% from last week but remains behind the 100% 5 year average. Winter wheat planting is reported at 65% complete which is the same as their 5 year average. 41% of this crop is now emerged which is right in line with the 5 year average of 40% emerged. With the good to excellent ratings for corn and soybeans remaining very close to last week it looks like the effects of the winter storm over the Dakota’s and surrounding areas was not taken into account. This may show up in next week’s report. Harvest progress remains behind however this should increase this week with some harvest friendly weather.
Please call Geoffrey Guy at 613-880-2707or Bob Orr at613-720-1271 if you would like prices for crop you have stored on your farm. Prices quoted herein are for product at our elevator.
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