Wednesday, June 24th, 2020 is now less than 3 weeks away. Keep that day open as we will be holding our Virtual Customer Day. Details to follow. Thursday, June 4, 2020, 6:40 a.m. – Yesterday was a mostly positive day for our markets. Spot corn closed down 1/4, spot soybeans closed up 7, harvest 2020 spring wheat closed up 3 3/4 and harvest 2020 winter wheat closed up 3 1/2. In the overnight trade corn and the wheat sector is positive with soybeans hovering right around even. Oil closed up $0.48 yesterday at $37.29 per barrel. It is weaker this morning with it now trading at $36.77 per barrel. Our dollar had a low yesterday morning of $0.737 US before increasing up to $0.742 US before lunch. It has slowly trended down since that time with it currently valued at $0.740 US. Weekly ethanol production numbers were released yesterday in the US. Production increased by 5.5% from the previous week to reach 765,000 barrels per day. This is still down about 27% from last year. Ethanol stocks decreased last week by 3% with this being the 6th consecutive week of decreases. Spot price for ethanol in the US is up 39% from the lows made in early April. As pandemic lockdown controls are being eased over much of the US ethanol demand and price are increasing. This is of course positive for the corn market. Winter wheat prices are gaining some strength with the current heat and dry weather potentially affecting yields on this year’s crop in the US. Egypt has returned to the world market as a wheat purchaser for the first time in almost 2 months with the Ukraine being the low price seller and winner of the tender. US wheat remains too expensive in the world market. Please call Geoffrey Guy at 613-880-2707 or Bor Orr at 613-720-1271 or Delores Foster at 613-880-7458 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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