Wednesday, April 24, 2019, 6:35 a.m. – Yesterday was a mixed day for our markets. Spot corn closed down 3 1/2, spot soybeans were down 15, spot spring wheat was up 2 and spot winter wheat was up 3. In the overnight trade corn is flat, soybeans and spring wheat are positive while winter wheat is negative. Oil closed up $0.75 yesterday at $66.30 per barrel. It is weaker this morning with it now trading at $66.06 per barrel. Our dollar started out yesterday morning at $0.748 US and has been mostly down since that time as the US currency has strengthened versus most other major currencies. This morning our dollar is currently valued at $0.745 US. It should be noted that our dollar has not increased in value this week with the higher oil prices. It is unclear whether the market is not going to reward our dollar this time with a higher value or if a rally in our dollar is just on hold for a couple of days. Remember a higher dollar value can have a negative impact on local basis levels. Soybean prices were down hard yesterday hitting 7 month lows on the CBOT for both nearby and harvest. This comes after corn and spring wheat hit new lows on Monday. The supply side of the soybean market has taken over and is driving prices lower. Many market watchers continue to hold out some optimism that a potential trade deal between the US and China will be the saviour for this market. It is hard to see how even a favourable trade deal for soybeans would drive prices significantly higher with the current supply of soybeans available in both North and South America. We would like to remind all of our customers that our Annual Customer Appreciation Day is just nine weeks away. This year we are holding it on Wednesday, June 26th, 2019. 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