Tuesday, March 28, 2023, 6:55 a.m. – Monday was another nice positive day for our markets.  Spot corn closed up 5 1/4, spot soybeans closed up 14 1/2, spot winter wheat closed up 9 1/2 and spot spring wheat closed up 16.  In the overnight trade corn and winter wheat are negative, soybeans are positive and spring wheat is on both sides of the ledger.  Oil closed up $3.55 yesterday at $72.81per barrel.  It is stronger in trading again this morning with it now valued at $73.00 per barrel.  Our dollar started out yesterday morning at $0.728 US and then trended higher going up to $0.734 US in the overnight trading.  It has eased back some this morning with it currently valued at $0.731 US. 
 
Oil prices have jumped up over the last few trading days after falling to nearby lows last week.  The increase in price is seen as a demand increase due to stronger economic activity in the world economy.  There are also concerns about the supply side of the oil market with more talk about how oil from Russia is making it to the world market.  We should note that our dollar has strengthened some with the higher price of oil and this could be a cause of concern for local basis levels going forward. 
 
Our markets stayed positive yesterday for the second consecutive day as prices are rebounding some from the recent decreases.  Not a lot has changed in the various markets other than the adjustments that managed money has made in their positions.  They continue to look for the wheat market to go lower with the commercial side of the wheat market looking for higher prices going forward. 
 
For the corn and soybean markets the speculative funds are holding long positions looking for prices to go up.  Sooner or later this will be a winning bet however they have most definitely been on the wrong side generally since the calendar turned. 
 
Remember this Friday the USDA releases their Planting Intentions Report for this year.  This report is many times a market mover and once again has that potential again this year. 

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If you would like to talk about the markets or price some of your crop for the future or in store, please reach out to us. Prices quoted herein are for product at our elevator.

Geoffrey Guy | 613-880-2707
Delores Foster | 613-880-7458
Bob Orr | 613-720-1271

Office | 613-489-0956