Monday, November 16, 7:10 am – Friday was a mostly negative day for our markets. Harvest corn closed down 4 1/2, harvest soybeans closed up 1 1/2, spot spring wheat was down 9 and spot winter wheat was down 5. In the overnight trade all of our markets are hovering right around even. As the direct correlation between the strength of our dollar and the price of oil no longer seems to exist we will not be reporting daily on the price of oil. Our dollar had a quiet day on Friday starting out at $0.755 US and closing out at $0.756 US. In the overnight trading it increased to $0.757 US but has backed off to once again trade at $0.756 US. Corn prices remain under pressure as exports continue to lag in the US. They remain 61% below last year with Mexico being the one bright light as they have increased imports from the US. Corn out of the US remains higher priced on the world market when compared to corn from the Ukraine or South America. Hopefully once export supplies in Brazil and Argentina are reduced the US will be able to fulfill some of the demand for corn imports around the world. There is a bit more optimism in the soybean market that the Phase One trade agreement between China and the US may actually come to fruition. This possibly is supporting soybean prices somewhat and the export market for soybeans has been much stronger in the US than for the corn market. On the negative side for soybeans is the beneficial rains that South America is getting that will support this year’s crops. Remember that the USDA is projecting a record crop of soybeans for Brazil. Do not expect any large increase in soybean prices without a major weather event in South America.
Please call Geoffrey Guy at 613-880-2707or Bob Orr at613-720-1271 if you would like prices for crop you have stored on your farm. Prices quoted herein are for product at our elevator.
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