Tuesday, May 18, 2021, 6:50 a.m. – Yesterday was a negative day for our markets. Harvest 2021 corn closed down 5 1/2, harvest 2021 soybeans closed down 3 3/4, harvest 2021 spring wheat closed down 25 1/2 and harvest 2021 winter wheat closed down 7 1/2. In the overnight trade all of our markets are back on the positive side. Oil closed up $0.90 yesterday at $66.27 per barrel. It is stronger again this morning with it currently valued at $66.75 per barrel. Our dollar started out yesterday morning at $0.824 US and has trended higher since that time. This morning it is up to $0.831 US as the US currency is also weakening against most other major currencies. Precipitation is in the forecast which will cover the majority of the hard red spring wheat growing areas in the US and our Canadian Prairies. This helped to pull prices down yesterday. These rain events are expected to cover large portions of the Corn Belt and some of the winter wheat growing regions also. The corn market was somewhat disappointing yesterday as another large sale of new crop corn was announced to China and the market was unable to rally. It seems like the weather forecast noted above took precedent over the export sale announcement. We should also note that it is nice to see prices back on the positive side this morning after the negative turn last week and yesterday. Yesterday the USDA released their weekly Crop Progress Report and reported that their corn plantings are now sitting at 80% completed. This is up 13% from last week and is just ahead of last year’s 78% planted at this time. It is also well ahead of the 5 year average of 68% planted. Their soybean crop is now reported at 61% planted. This is up from 42% planted last week. They are well ahead of last year’s 51% planted at this time and the 5 year average of only 37% planted. The spring wheat crop is now 85% planted which is up 15% from last week. Last year at this time they were only 57% planted. They are also far ahead of their 5 year average of 71% planted. The good to excellent rating for their winter wheat crop decreased week over week by 1% to sit at 48%. This is the 3rd consecutive week for a 1% decline in this rating. Last year they were at 52% good to excellent. This report should be considered bearish for corn, soybeans and spring wheat due to the continued fast planting pace. It should be considered slightly bullish for the winter wheat crop due to the declining crop rating.
Please call Geoffrey Guy at 613-880-2707 or Bob Orr at 613-720-1271 or Delores Foster at 613-880-7458 if you would like prices for crop you have stored on your farm. Prices quoted herein are for product at our elevator.