Wednesday, October 17, 2018, 6:55 a.m. – Yesterday was a negative day for our markets. Harvest corn closed down 3, harvest soybeans were down 6 3/4, spot winter wheat closed down 1 1/2 and spot spring wheat closed down 4 1/4. In the overnight trading corn is just back on the positive side, soybeans are flat and both spring and winter wheats are still on the negative side. Oil closed up $0.14 yesterday at $71.92 per barrel. It is weaker this morning with it now trading at $71.46 per barrel. Our dollar started out yesterday morning at $0.771 US and then went up to $0.774 US around lunch time. It has trended lower since that time with it trading this morning at $0.772 US. The negative tone to the markets yesterday was probably just a minor correction after the strong price rally on Monday. Turnaround Tuesday seemed to take hold on the down side. It looks like harvest weather in the US has turned back to the positive side with an extended dry but cool forecast over the next 2 weeks. This will be a much needed break from the recent wet weather that has negatively affected harvest progress. Soybean prices in Brazil are currently at their highest price in 5 months. Supplies in their country are limited as China has been purchasing the majority of their exports. The US will be the main soybean supplier to the world market until the new not yet planted South American Crop is available next year. Soybean prices should be supported by this. Unfortunately this will not occur until the market sees that exports from the US have increased. Only time will tell. 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.
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