Daily Blog

 

Grains Matter Chatter Episode 149 
https://www.buzzsprout.com/1116593/12927776

 

Thursday, June 1, 2023, 7:00 a.m. – Yesterday was a mostly negative day for our markets.  Harvest corn closed down 3 1/2, harvest soybeans closed down 6 1/4, harvest winter wheat closed up 3 1/4 and harvest spring wheat closed down 12.  In the overnight trade all of our markets are now on the positive side.  Oil closed down $1.37 yesterday at $68.09 per barrel.  It is weaker in trading again this morning with it now valued at $67.58 per barrel.  Our dollar started out yesterday morning at $0.733 US and has trended up since that time.  This morning it is currently valued at $0.737 US. 
 
Prices were negative yesterday morning as they reacted to the Crop Progress Report released Tuesday afternoon.  Although prices did remain mostly negative for the day the bright side of this was that corn and soybeans closed well off their lows for the day.  They rallied some probably on the weather forecast with rain in the 6-10 day forecast now being decreased significantly.  The Central and Eastern Corn Belt remains dry and although the crop is mostly planted and into good soil conditions it will need some moisture to keep progressing.
 
Some disturbing economic news out of China yesterday reporting that manufacturing growth is slower than projections.  Further to this soybean prices in China have reached a new two year low.  This is a poor sign of demand in China and will directly affect prices on the CBOT going forward.  Remember China is the largest importer of soybeans on the world market. 
 
Outside economic activities in the US have brought some positivity into our markets this morning.  It is looking like the debt ceiling deal negotiated by the US Government is going to stick.  Further to this they are talking about holding interest rates in June but reserve the chance of further increases down the road.  These two events have wiped away some negative thoughts by investors and are most definitely positive for the overall economy going forward. 

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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

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Please send info to;
2518 Lockhead Rd,
North Gower ON K0A 2T0

or 
info@northgowergrains.com  
 

Local Cash Bids
 
CORN
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  587'0
-5'4
 Harvest 2023  528'2
-1'6

SOYBEANS
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  1330'0
0'4
 Harvest 2023  1171'0
2'0

WHEAT, HRS (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  786'6
-2'2
 Harvest 2023  790'0
-0'6

WHEAT, SRW
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  612'0
1'2
 Harvest 2023  625'2
1'0

WHEAT, HRW (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  612'0
1'2
 Harvest 2023  625'2
1'0

Price as of 06/02/23 04:27AM CDT.
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