Tuesday, August 4, 2020, 7:10 a.m. – Yesterday was a mixed day for our markets. Harvest corn closed up 1, harvest soybeans closed up 3 3/4, harvest spring wheat closed down 7 1/2 and harvest winter wheat closed down 10 1/4. In the overnight trade all of our markets are currently on the negative side. Oil closed up $0.74 yesterday at $41.01 per barrel. It is weaker this morning with it now trading at $40.43 per barrel. Our dollar had a low yesterday morning of $0.744 US and has traded mostly up since that time hitting a high of $0.748 US in the overnight trading. Since that time it has eased back a bit with it currently valued at $0.746 US. Wheat prices pulled back yesterday with a report that production this year in Russia may outpace USDA’s projections by up to 3 million tonnes. Favourable rains are also forecasted for the wheat growing regions of Australia this week. This brought the focus back on the production side for wheat and the market has to remember that the USDA is currently projecting record world production this year. The Weekly Crop Progress Report was released yesterday in the US. The good to excellent rating was unchanged for their corn crop from last week and remains at 72%. This crop is currently reported with 92% in the pollination stage. This is up 10% from last week and remains ahead of the 5 year average of 87%. The good to excellent rating for their soybean crop increased from 72% last week to now sit at 73%. Currently 85% of this crop is flowering. This is up 9% from last week and is slightly ahead of the 5 year average of 82%. The winter wheat harvest is now reported as 85% complete. This is up 4% from last week and is 3% behind the 5 year average of 88% complete. The spring wheat crop is now reported as 5% harvested. This is well behind the 5 year average of 10% complete. The good to excellent rating for this crop increased from 70% last week to now sit at 73%. Overall this report is favourable crops and negative prices. This is being reflected in market prices this morning.
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.
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