Episode 13 of Grains Matter Chatter is now live. JUST A FRIENDLY REMINDER MASKS OUR REQUIRED WHEN ENTERING OUR OFFICE Note: Anybody with wheat to deliver please call. We will not be receiving wheat after Wednesday, September 23, 2020. We can arrange direct shipments after that time. Monday, September 21, 2020, 6:55 a.m. – Friday was another nice positive day for our markets. Harvest corn closed up 3 1/4, harvest soybeans closed up 15, spot spring wheat closed up 9 3/4 and spot winter wheat closed up 18 3/4. In the overnight trade all of our markets are currently on the negative side. Oil closed up $0.14 on Friday at $41.11 per barrel. It is weaker this morning with it now sitting at $40.10 per barrel. Our dollar had a high early Friday of $0.761 US and then traded lower for the rest of the day closing at $0.757 US for the weekend. In the overnight trading it raised up to $0.759 US before turning lower as the US dollar has strengthened against many other currencies. This morning our dollar is currently valued at $0.756 US. Our markets were all stronger on Friday with corn and soybeans once again being pulled higher with increased sales to China. Soybean export sale announcements have now been made for 11 consecutive days to China. It is estimated that China has now covered about 80% of their November soybean crush needs and roughly 50% of their December needs. US sales to China and unknown destinations (which usually turn out to be China) have totalled over 26 million tonnes already this year compared to less than 6 million tonnes last year. Without these sales it is not hard to figure out where prices would be. The wheat complex jumped higher with dry weather concerns for this year’s crop in Russia and the Ukraine. Soil moisture levels are considered very low in those areas with the 10 day forecast not bringing in any relief. The current wheat crop being grown in Argentina is also under a severe drought with good to excellent ratings dropping from 44% about 6 weeks ago down to the current 14% good to excellent. Unlike corn and soybeans the supply side of the wheat market is driving prices higher. Later today the USDA releases the weekly Crop Progress Report. It will be interesting to see if there is any further deterioration in the good to excellent ratings for the corn and soybean crops and it so how the market responds to this.
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.
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