Daily Blog

Sunday, June 23, 2024, 12:00 pm –
Note: Completing the report a day early due to other commitments on Monday morning.  The markets do not open up until Sunday night. 

Friday was a mostly negative day for our markets.  New crop corn closed down 3 1/2, new crop soybeans closed up 3 1/4, new crop winter wheat closed 11 1/4 and new crop spring wheat closed down 8 1/2.  Oil closed down $0.70 on Friday at $80.59 per barrel.  Our dollar traded between a low of $0.729 US and a high of $0.731 US on Friday with it closing out right in the middle at $0.730 US.
 
We had another negative week for our markets last week.  This occurred even with old crop basis increasing $0.10 per bushel across the board.  Spot corn closed down $3 per tonne with harvest corn down $6 per tonne.  Spot soybeans also closed down $3 per tonne with harvest soybeans down $11 per tonne.  Spring wheat closed down $12 per tonne for old crop and $18 per tonne for new crop.  Winter wheat was down $15 per tonne across the board. 
 
The trend is not our friend currently in the markets.  New crop prices have retreated as follows over the last 4 weeks. 

  • Corn down $14 per tonne
  • Soybeans down $37 per tonne
  • Spring Wheat down $54 per tonne
  • Winter Wheat down $46 per tonne

The markets continue to trade as if there are no weather concerns for the growing crops this year.  Any negative for the growing crops in one area is quickly dismissed by a positive in another growing area.  What would normally drive prices like last week’s heat dome over the Eastern Corn Belt was overlooked as the extended forecast looked more positive for crop growth.
 
How the wheat market has traded recently really shows how the overall marketplace is.  Wheat has traded lower 15 of the last 17 trading days.  We have noted above that the losses now total around $50 per tonne.  This is in spite of mostly bullish news for the wheat market the last couple of weeks.  The market just keeps going lower.  Where the bottom will be is yet to be seen? 
 

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If you would like to talk about the markets or price some of your crop for the future or in store, please reach out to us. Prices quoted herein are for product at our elevator.

Geoffrey Guy | 613-880-2707
Delores Foster | 613-880-7458
Bob Orr | 613-720-1271
Office | 613-489-0956

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  If you would like to receive our daily email (which is sent out at 8:00 a.m.) with our prices and the market commentary please call the office 613-489-0956
 



 
Please send info to;
2518 Lockhead Rd,
North Gower ON K0A 2T0

or 
info@northgowergrains.com  
 

Local Cash Bids
 
CORN
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 spot  431'6
-1'6
 Harvest 2024  449'6
-2'0

SOYBEANS
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  1177'0
1'6
 Harvest 2024  1128'2
-2'2

WHEAT, HRS (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  610'0
4'6
 Harvest 2024  615'4
2'6

WHEAT, SRW
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  553'2
0'6
 Harvest 2024  571'2
0'2

WHEAT, HRW (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  553'2
0'6
 Harvest 2024  571'2
0'2

Price as of 06/25/24 12:41AM CDT.
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