Monday October 24, 2016, 7:10 a.m. - Friday was a mixed day for our markets. Harvest corn closed up 1 1/2 with harvest soybeans up 7 1/2, spot winter wheat closed down 2 1/2 with spot spring wheat down 2 1/4. In the overnight trading soybeans are strongly leading our markets on the positive side. Oil closed Friday up just a bit at $50.85 per barrel. It is currently trading at $50.82 per barrel. Our dollar closed Friday at $0.750 which was about 180 basis points lower then the high for the week. It has been mostly flat in the overnight trading with it now trading at $0.749 U.S.. The U.S. currency gained value last week versus most other major currencies. Our dollar also lost some value with rumours / expectations of an interest rate decrease by the Bank of Canada sometime next spring to early summer. This comes on the backdrop of potential U.S. interest rate increases. Soybean prices are stronger today with rumours that this year's planting in Brazil is being hampered by persistent wet weather. Soybean planting progress is reported at 25% however the current wet weather has slowed down planting and some fields will have to be replanted due to excess moisture (regional flooding). Remember also that U.S. exporters are trying to get their crop to market as soon as they can and are probably using higher prices to entice the U.S. Farmer to sell now at harvest. Managed money has closed a large portion of their short positions (looking for prices to go down) last week in both the corn and wheat markets. This provided support to prices last week and without that support this week the market will have to find other data to trade on. Please call Geoffrey Guy at 613-880-2707 if you would like any direct ship pricing. We have prices right up to next years harvest. Prices quoted herein are for product at our elevator.
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