Friday, November 16, 2018, 7:00 a.m. – Yesterday was a mostly positive day for our markets. Harvest corn closed up 1/2, harvest soybeans were up 5 1/4, spot winter wheat closed up 2 1/2 and spot spring wheat closed down 1 1/4. In the overnight trading all of our markets are currently on the negative side. Oil closed up $0.21 yesterday at $56.46 per barrel. It is stronger again this morning with it now trading at $57.34 per barrel. Our dollar started yesterday morning at $0.756 US and was mostly stronger throughout the day. It reached a high of $0.760 early in the overnight trading. This morning it is down just a bit with it currently valued at $0.759 US. Soybean prices rallied yesterday with more rumours of talks between China and the US over a new trade deal. China has supposedly given the US a list of concessions that it is willing to make to close the deal. With no official response out of the US administration or even a tweet from President Trump it is unknown if these concessions are enough to get a deal completed. As such the rally in soybean prices started to fizzle out as the day progressed. Soybeans did finish higher on the day but they closed almost $0.10 off the high for the day. The market is going to need something more concrete than just rumours to sustain a nice price rally. Winter wheat is in the news around the world however prices do not seem to be responding. There are localised concerns throughout different growing regions. Planting this year is behind in the US. The weather is too wet in parts of Argentina and too dry in parts of Australia. Winter wheat in France is reported off to its worst start in years. All of these concerns but still no price rally as the world remains flush with wheat stocks. Much like soybeans this market needs the US to report some strong export numbers to get prices rolling on the positive side. Friday’s thought: Wherever you are at in your life, you are not alone! Please call Geoffrey Guy at 613-880-2707or Bob Orr at613-720-1271 if you would like any direct ship pricing. 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