Just a quick reminder that we continue to accept low graded corn. Thursday, January 23, 2020, 7:50 a.m. – Yesterday was a mostly negative day for our markets. Spot corn closed up 1 1/4, spot soybeans closed down 2 1/4, harvest 2020 spring wheat closed down 6 3/4 and harvest 2020 winter wheat closed down 3 3/4. In the overnight trade corn and the wheat complex are positive with soybeans still on the negative side. Our dollar had a high yesterday morning of $0.767 US and then went sharply down to trade most of the day at about $0.761 US. This morning it is a bit lower with it currently valued at $0.760 US. Yesterday the Bank of Canada announced that they are holding the overnight lending rate at 1.75%. This was expected however they released a statement saying that the economy is going slower than previously expected. This trend is expected to stay in place for next year and as such our dollar weakened on this news. It looks like interest rate cuts may be required earlier than previously expected to help stimulate the Canadian economy. Our markets all closed much below their daily highs yesterday. This was very disappointing especially in the wheat market as the CBOT wheat had reached a 15 month high before it fell to close almost 15 cents lower than the high for the day. The CBOT has rallied $1.34 per bushel since the low back in early September. We wrote yesterday about some of the reasons for the recent strength in the wheat market. Remember however that the elephant in the room is that the world remains well supplied in wheat. This strong supply will place a lid on the current rally in prices, just where that lid will be is yet to be seen.
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