Episode 19 of Grains Matter Chatter is now live. JUST A FRIENDLY REMINDER MASKS OUR REQUIRED WHEN ENTERING OUR OFFICE
Special Announcement
Effective October 21, 2020 we are offering a $10 per tonne premium on all new / additional corn contracts for corn shipped into our elevator for this harvest. Currently that makes new corn contracts at the posted $218 plus the $10 premium = $228 We also have a large premium for our direct ship customers with shipping periods available from now up to Harvest 2021. This premium is for a limited time only. Please give us a call to take advantage of the premium.
Wednesday, October 28, 2020, 6:50 a.m. – Yesterday was another mostly negative day for our markets. Harvest corn closed down 1 3/4, harvest soybeans closed down 7, harvest 2021 spring wheat closed unchanged and harvest 2021 winter wheat closed down 2. In the overnight trade all of our markets are firmly on the negative side. Oil closed up $1.01 yesterday at $39.57 per barrel. It is down hard this morning with it now sitting at $37.97 per barrel. Our dollar started out yesterday morning at $0.758 US and then went up to a daily high of $0.761 US early in the afternoon. It has trended mostly down since that time with it currently valued at $0.755 US. Our markets pulled back yesterday with the results of the bearish USDA Weekly Crop Progress Report having some negative influence on prices. More likely was that it was the second consecutive day that no export sales were announced by the USDA. Remember we have talked many times that the current bull market has been mostly fed by the demand side and more specifically export sales to China. Without these sale announcements the bull goes to sleep and prices fall back. This morning prices are further negative and hopefully this is just a bit of an extended rest for the bull before prices pull back up. Although China has purchased large amounts of US corn and soybeans late this summer and this fall they still are short of the amounts agreed to in the Phase One Trade Agreement that was signed before the current pandemic hit. Oil prices have shown some fluctuation first with pressures exerted on production amounts by the OPEC + members. More specifically there are concerns that production would be increasing with Libya bringing oil fields back into production after being shut down due to internal fighting. This week there is much talk about US production increasing. Probably the biggest thing hanging over this market is that demand has not increased back to pre-pandemic levels. Please call Geoffrey Guy at 613-880-2707 or Bob Orr at 613-720-1271 or Delores Foster at 613-880-7458 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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