Tuesday, July 16, 2019, 7:45 a.m. – Yesterday was a poor negative day for our markets. Harvest corn closed down 12 1/4, harvest soybeans closed down 11 1/2, harvest spring wheat closed down 11 3/4 and harvest winter wheat closed down 13 1/4. In the overnight trade all of our markets remain on the negative side. Oil closed down $0.63 yesterday at $59.58 per barrel. It is stronger this morning with it now trading at $59.71 per barrel. Our dollar had a high of $0.768 yesterday morning and has trended mostly down since that time. This morning it is currently valued at $0.766 US. Corn and soybeans were lower yesterday with the weather forecast moderating slightly over much of the Corn Belt. This week’s forecast remains hot however the 10 day forecast is calling for an end to high temperatures with increased moisture expected. This has alleviated some concerns on crop damage due to hot dry weather. Yesterday the USDA released its weekly Crop Progress Report. Their corn crop is now rated at 58% good to excellent. This is up 1% from last week but still trails last year’s rating of 72% good to excellent. With the delayed planting this year the crop is now only at 17% tassel. This compares to 59% last year and the 5 year average of 42%. The soybean crop is now rated at 54% good to excellent. This is also up 1% from last week and remains behind last year’s rating of 69% good to excellent. Currently only 22% of this crop is flowering. This is well behind last year’s rate of 62% flowering and the 5 year average of 49%. The winter wheat harvest increased by 10% over the last week up to 57% complete. This remains behind last year’s 72% complete and the 5 year average of 71% complete. The spring wheat crop is rated at 76% good to excellent. This is down 2% from last week but still remains above last year’s rating of 70% good to excellent.
Please call Geoffrey Guy at 613-880-2707or Bob Orr at613-720-1271 if you would like any direct ship pricing. 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 613-489-0956