Friday December 2, 2016, 7:55 a.m. - Yesterday was a mostly negative day for our markets with once again spring wheat on the positive side. Spot corn closed down 6, soybeans down 2 1/2, winter wheat down 7 1/4 and spring wheat closed up 4. In the overnight markets all of our markets are once again positive. Oil closed up again yesterday at $51.06 per barrel. It is down slightly today with it now trading at $50.49 per barrel. Our dollar has risen in value this week about 150 basis points with it currently trading at $0.752 U.S.. This strength is of course based on rising oil prices. Local basis levels are being pressured with the higher Canadian dollar. If our dollar continues higher do not be surprised if local basis levels decrease. The wheat crop in Australia is looking like a bumper crop. However, much like this year's crop in North America there is some quality concerns which relates to lower protein levels. This should help continue the recent trend of a separation in prices for good high quaility high protein wheat versus low protein wheat. Weekly exports in the U.S. continue to remain bullish with soyoil exports especially strong. This should provide some support to the soybean market that has retreated about $0.25 this week. Continued demand from China remains evident and needed in this market. Weather conditions going forward in South America will have a major influence on prices. Friday's thought: What the mind can conceive it can achieve! Please call Geoffrey Guy at 613-880-2707 if you would like any direct ship pricing. We have prices right up to next years harvest. Prices quoted herein are for product at our elevator.
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