Monday, March 18, 2019, 6:55 a.m. – Friday was a nice positive day for our markets. Spot corn closed up 3, spot soybeans closed down 10 3/4, spot spring wheat was up 2 1/4 and spot winter wheat was up 9 1/2. In the overnight trade all of our markets are back on the negative side. Oil closed down $0.09 on Friday at $58.52 per barrel. It is weaker again this morning with it now trading at $58.25 per barrel. Our dollar had a low on Friday of $0.748 US and a high of $0.752 US before closing out for the weekend right in the middle at $0.750 US. In the overnight market it has fluctuated just a little with it currently valued once again back at $0.750 US. Our markets were stronger on Friday with managed money possibly liquidating some of their recently acquired short position (looking for prices to go down). Corn closed up $0.09 per bushel last week after hitting a one year low on Monday. The positive week occurred even with the some bullish production news out of South America. The corn crop in Brazil is now estimated at 92.8 million tonnes which is up from 82 million tonnes last year. In Argentina corn production is expected at 45 million tonnes which is an increase of 13 million tonnes from last year. This will put South American corn production roughly at the same level as two years ago. In 2017 the corn market had low prices in March which did not change much until it was able to rally with hot and dry weather in the US Corn Belt in the summer. Winter wheat prices were supported last week with weather concerns occurring over the growing areas in the US. The crop is starting to come out of dormancy in some areas and the recent cold weather snap may cause some damage. This market has been beaten down hard so any price rallies are welcomed. 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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