Thursday February 23, 2017, 6:50 a.m. - Yesterday was another mixed day for our markets. Spot corn closed up 1 3/4, soybeans down 3 1/2, winter wheat up 5 1/2 and spring wheat up 1 1/2. In the overnight trading all of our markets are flat or just negative. Oil closed down yesterday at $53.59 per barrel but is on a real strong run this morning with it now trading at $54.32 per barrel. Our dollar has been mostly flat over the last couple of days and it is currently trading at $0.760 U.S.. Today the USDA is holding it's annual Outlook Forum. They will be releasing estimates on this year's domestic crops. No major deviations from previous planting estimates are expected but as always the USDA has been known to through some curves at the market place every now and then. All the talk that China is trying to decrease their domestic supplies of corn and then in January of this year they increased their imports year over year from 8,000 tonnes to 160,000 tonnes. Governments can have policies to try and push the market one way, however the marketplace does not always respond as expected. Wheat continues in the news with large temperature swings this week in the U.S.. There are fears that winter wheat will come out of dormancy and then be damaged by below freezing temperatures this weekend. The extent of the damage will not be known for a while so depending on the final temperatures we may see some risk premium added to this market. Please call Geoffrey Guy at 613-880-2707 or 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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If recent warm weather across the country continues, the grain shipping season on U.S. waterways could see an early start this year. The warm weather also may be a temptation for farmers to start spring field work early.