Tuesday, June 15, 2021, 6:45 a.m. – Yesterday was big negative day for our markets. Harvest 2021 corn closed down 28 1/2, harvest 2021 soybeans closed down 43 1/2, harvest 2021 spring wheat closed down 17 1/4 and harvest 2021 winter wheat closed down 6 1/4. In the overnight trade soybeans are mixed with corn and both wheats still on the negative side. Oil closed down $0.03 yesterday at $70.88 per barrel. It is stronger this morning with it now valued at $71.38 per barrel. Our dollar started out yesterday morning at $0.822 US and then went up to $0.824 US before noon and stayed close to that level all day and into the overnight trading. This morning it has weakened with it currently valued at $0.821 US. Our markets pulled back yesterday with the biggest catalyst being a bearish change in the weather forecast. Wide spread rains are forecasted for the main US crop growing regions with the majority of these projected in the 8 to 14 day forecast. Remember in a weather dominated market the prices usually move too fast and too far when the forecast changes. Yesterday is most likely a great example of this especially with the main rain events not yet occurring? Yesterday the USDA released their weekly Crop Progress Report. Their corn crop is now rated at 68% good to excellent. This is down a large 4% from last week and trails last year’s good to excellent rating of 71%. For their soybean crop it is now reported at 94% planted. This is up only 4% from the previous week but remains ahead of last year’s 92% planted and the 5 year average of 88% planted. The good to excellent rating for this crop came in at 62%. This is down 5% from last week and is behind last year’s good to excellent rating of 72%. The good to excellent rating for their winter wheat crop decreased by 2% week over week to now sit at 48%. Last year this crop had a 50% good to excellent rating. The winter wheat harvest increased to only 4% complete from 2% last week. This is well behind the 14% harvested at this time last year and the 5 year average of 15% of the harvest completed. The hard red spring wheat crop has a good to excellent rating of only 37%. This is down 1% from last week and remains well behind last year’s good to excellent rating of 81%. This report should be considered bullish for all of our commodities. With crop ratings decreasing across the board the potential for decreased yield potential is looking the US Farmer straight in the face.
Please call Geoffrey Guy at 613-880-2707 or Bob 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.