Monday, November 28, 7:10 a.m. – Friday was mixed day for our markets. Harvest corn closed up 4 3/4, spot soybeans closed up 1/4, spot winter wheat closed down 18 and spot spring wheat closed down 1/2. In the overnight trade corn, soybeans and winter wheat are negative with spring wheat on both sides of the ledger. Oil closed down $1.66 on Friday at $76.28 per barrel. It is weaker again this morning in trading this morning with it currently valued at $73.95 per barrel. This is the lowest price of oil since December of 2022. Our dollar traded between a low of $0.747 US and a high of $0.751 US on Friday with it closing out at the end of the range. In the overnight trade it went down to $0.742 US before rebounding back up to its current level of $0.744 US.
In the news this morning are the protests that have taken place over the weekend in China concerning their continued covid lockdowns. This is bringing much uncertainty into their economic activity which has led crude oil prices to fall. With the lingering negative economic effects of the lockdowns it is currently uncertain just how much damage has been done to the Chinese economy. As we have noted many times before these poor vibes swing over into our commodity markets and we see negative prices this morning as a result.
Wheat prices on the CBOT have fallen $1.30 per bushel in less than a month. With less expensive wheat available on the world market from Russia and Ukraine US wheat exports continue to lag behind last year’s pace. Managed money has a short position (looking for prices to go down) in this market and they are riding these prices lower. Even with the current tight supply situation in both the US and world prices have not been able to remain positive. Currently it is very hard to see how prices can rebound in the short term.
Please call Geoffrey Guy at 613-880-2707 or Delores Foster at 613-880-7458 or Bob Orr at 613-720-1271if you would like prices for crop you have stored on your farm. Prices quoted herein are for product at our elevator.