Wednesday February 10, 7:00 a.m. - Yesterday corn and wheat were both down about 1 with soybeans up about the same. Overnight corn and wheat are continuing in the negative with soybeans just into the positive. Oil fell yesterday to under $28 but has rallied this morning and is currently trading at $28.47 per barrel. Our dollar was on a bit of a roller coaster yesterday and overnight and is back trading this morning the same as yesterday morning at $0.722 U.S.. The latest USDA report was released yesterday which was slightly bearish for all three of our commodities. This report reconfirmed a large crop for South American soybeans and corn. They increased estimates for both from Argentina and held steady with their production number of 100 million tonnes of soybeans for Brazil. Domestic usage and ending numbers were also amended somewhat in the U.S.. The end result is that the world will remain very well supplied for all three of our crops. In the short term do not expect any large up swing in prices unless something dramatic occurs that impacts crops in South America. One positive from yesterday's report was that the market did not take a nosedive with the negative news reported. Although corn was down it did not respond nearly as much as many analysts have suggested it would with the bearish news presented. This is seen as positive for the markets. As it looks currently with no higher prices on the horizon all farmers should be looking at their cost of production and calculate target prices that will cover their costs. We are fortunate here in Eastern Ontario that the basis is still providing us with reasonable pricing opportunities. 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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Despite a three-year extension approved by Congress late last year, three of the nation's largest freight railroad companies informed the Federal Railroad Administration this month that they will not meet the 2018 deadline to install new required safety systems.
In this week's Crop Tech Corner, university students introduced a gene-based fungicide for a major wheat disease, researchers found a novel pathway for drought-resistant rice plants, and the GE testing debate advanced in the EU.
More growers are turning to LibertyLink crops to combat widespread weed resistance to herbicides. Glufosinate behaves differently than glyphosate, so first-time users should be prepared to manage it accordingly.