Daily Blog

Friday, April 9, 2021, 6:40 a.m. – Yesterday was a nice positive day for our markets.  Harvest 2021 corn closed up 9 1/4, harvest 2021 soybeans closed up 2 1/2, harvest 2021 spring wheat closed up 15 and harvest 2021 winter wheat closed up 14 1/2.  In the overnight trade corn is mixed, soybeans are negative and the wheat complex remains on the positive side.  Oil closed down $0.17 yesterday at $59.60 per barrel.  It has bounced back up a bit this morning with it currently valued at $59.70 per barrel.  Our dollar started out at $0.793 US yesterday and then trended higher hitting $0.796 US late in the day.  It weakened overnight with the US dollar gaining strength against most other major currencies.  This morning our dollar is currently valued at $0.795 US. 
 
Today the USDA releases their month WASDE report.  Going into this report we need to point out that current year sales on the books in the US for corn is just above the projected total year export sales.  For soybeans the sales already made are close to 100% of the USDA’s projected year’s sales.  With exports so strong it is widely expected that projected sales will be eclipsed and the USDA will have to lower year end carryout stocks.  If any significant decreases are made to these numbers it could easily spike prices higher.  This April report is usually not a major market mover but with what we noted above be ready for some market volatility today. 
 
Wheat prices continued higher yesterday and this morning with the weather premium firmly coming into this market.  With the early dry weather in our area some spring wheat is being planted and hopefully it will get a strong start with the rain projected for the weekend and early next week.  Current prices are strong but with a rally occurring in this market some target pricing could be a great way to go to cover some of your projected production.
 
Friday’s thought: Not all storms come to disrupt your life; some come to clear your path!
 
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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Local Cash Bids
 
CORN
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  577'2s
-2'4
 Harvest 2021  496'4s
1'6
 Harvest 2022  461'4s
3'2

SOYBEANS
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  1403'0s
-12'2
 Harvest 2021  1263'2s
-10'0
 Harvest 2022  1144'0s
-2'2

WHEAT, HRS + PROTEIN
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  654'0s
13'6
 Harvest 2021  667'4s
12'6
 Harvest 2022  664'2s
4'2

WHEAT, SRW
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  638'6s
10'0
 Harvest 2021  641'4s
9'4
 Harvest 2022  623'6s
5'6

WHEAT, HRW + PROTEIN
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  638'6s
10'0
 Harvest 2021  641'4s
9'4
 Harvest 2022  623'6s
5'6

Price as of 04/11/21 08:25AM CDT.
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