Friday July 28, 2017, 6:50 a.m. – Yesterday was a positive day for our markets. Spot corn closed up 1 1/2, soybeans up 6, harvest winter wheat up 2 and spring wheat closed up 6 1/2. This morning corn is negative with soybeans and both wheats just on the positive side. Oil closed stronger again yesterday at $49.04 per barrel. It is flat this morning with it now trading at $49.07 per barrel. Our dollar lost about 70 basis points yesterday bottoming out at $0.796 U.S. when the U.S. dollar strongly gained in value against most other major currencies. It has since settled down and is currently trading at $0.797 U.S... Much the same as yesterday the market is not really taking much direction from the results of the spring wheat crop tour currently taking place in the U.S...Yesterday’s numbers have the average yield at 38.1 bushels per acre, up from the 35.8 the day before and still well below last year’s production level of 43.1 bushels per acre. There is still much thought that the actual total yields will be lower as this tour is not hitting the most drought stricken areas. The acreage that will not be harvested for grain is estimated to be up to 15% of planted acres. Historically if 5% of acreage is not harvested it is considered a major event. Time will tell if this market has found some support and if prices can rebound once actual harvest data is known. The soybean market is gaining some support from continued strong export data out of the U.S...Last week we mentioned how U.S. exports have remained competitive versus exports from Brazil even with the massive crop harvested this year in Brazil. Year over year exports in the U.S. are currently 16% ahead of last year’s pace. Even if they slow down over the remainder of the export year there is a strong possibility that they will exceed USDA projections by 150 million bushels. This would decrease carry out numbers in the U.S. which would be bullish prices. Friday’s thought: The path of sound credence is through the thick forest of skepticism. Please call Geoffrey Guy at 613-880-2707or 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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