Thursday, April 25, 2019, 6:55 a.m. – Yesterday was a poor negative day for our markets. Spot corn closed down 4 1/2, spot soybeans were down 6 3/4, spot spring wheat was down 8 and spot winter wheat was down 6 1/2. In the overnight trade corn and winter wheat are still negative while soybeans and spring wheat are back on the positive side. Oil closed down $0.41 yesterday at $65.89 per barrel. It is stronger this morning with it now trading at $66.25 per barrel. Our dollar started out yesterday morning at $0.745 US and then went down fast to $0.740 US when the Bank of Canada announced that it would be holding their overnight rate at its current level. After this it quickly jumped back up 30 basis points to $0.743 US. For the rest of the day it trended weaker against the US currency much like most other major currencies. This downward trend has continued through the overnight session and our dollar is currently valued at $0.740 US. Our markets keep hitting new contract lows on the respective trading floors. Wheat prices are lower in both the US and Europe with larger projected world supplies keeping an anchor on prices for this market. Corn prices should possibly be getting some strength from the current weather situation in the US. The 10 day forecast has above normal precipitation for most of the Corn Belt. This forecast plus the wet weather that has already occurred should result in corn plantings being delayed. However, the market has not currently built in any weather premium and seems to be waiting to actually see what occurs with plantings before it responds. On the trade front U.S. Trade Representative Lighthizer and Treasury Secretary Mnuchin are scheduled to travel to Beijing next week to resume trade talks with China. There seems to be some optimism that a trade agreement can be signed in the coming weeks. As always though the market will not respond until this actually occurs. 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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