Due to the requirement of Social Distancing in this time of the coronavirus, we are asking all customers to limit contact with our employees. Before visiting our office please call and see if we can deal with your needs over the phone. Wednesday, April 1, 2020, 6:40 a.m. – Yesterday was a mostly positive day for our markets. Spot corn closed down 1/2, spot soybeans closed up 3 3/4, harvest 2020 spring wheat closed up 3 1/2 and harvest 2020 winter wheat closed up 6 1/4. In the overnight trade all of our markets are currently on the negative side. Oil closed up $0.39 yesterday at $20.48 per barrel. It is flat this morning with it now trading at $20.49 per barrel. Our dollar had another wild day yesterday. It started out at $0.702 US and then went down before lunch to $0.698 US. It then strengthened 150 basis points up to $0.713 US later in the afternoon. It has been mostly down since that time with it currently valued at $0.703 US. The Planting Intentions Report released yesterday by the USDA did have a couple of surprises for the marketplace. Corn acreage estimate came in at 97 million acres which was significantly higher than the 94.3 million acres expected. It should be noted that this farmer survey was taken before oil and ethanol prices fell drastically early last month. It is definitely possible that lower corn prices due to lower ethanol demand could lead to actual planted acres being decreased from the 97 million acres released yesterday. Soybean acres are intended at 83.5 million acres which is lower than the pre-report estimate of 84.9 million acres. Total wheat acres were reported at 44.7 million acres which was about 200,000 acres less than pre-report estimates. This is also the least amount of acreage dedicated to wheat in the US since they kept track of total acreage in 1919. A couple of interesting facts about the intended acreage report. The 97 million acres of corn would be the most corn acres planted since 1935. The soybean acreage of 83.5 million acres would be third largest ever for soybeans in the US. The combined acreage of these 2 crops of 180.5 million acres is the most ever on record for the US. The previous high was 180.3 million acres in 2017. Although the market did not react negatively yesterday to the report the negative prices recorded this morning could be related to the bullish acreage report for corn and soybeans.
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.
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