Tuesday, October 23, 2018, 7:05 a.m. – Yesterday was another mixed day for our markets. Harvest corn closed up 2 1/2, harvest soybeans were up 1 3/4, spot winter wheat closed down 6 3/4 and spot spring wheat closed down 3 1/4. In the overnight trading corn and winter wheat are positive, soybeans are negative and spring wheat is on both sides of the ledger. Oil closed up $0.25 yesterday at $69.37 per barrel. It is weaker this morning with it now trading at $68.33 per barrel. Our dollar has traded within a small 20 basis points range over the last day. It has stayed between $0.762 US and $0.764 US during this time. This morning it is currently being valued at $0.763 US. Row crop prices strengthened a little yesterday with not a lot happening in the market. Corn was supported by continued strong export inspection reports. They report volume that is 72% higher than last year. Exports remain a strength in this market. The weekly US Crop Progress Report was released yesterday. Corn’s good to excellent rating of 68% remains unchanged from last week and still ahead of last year’s rating of 66% good to excellent. The corn harvest is up to 10% this week to 49% complete. This is just above the 5 year average of 47% complete. Soybeans are now rated 66% good to excellent. This is unchanged from last week and remains above last year’s rating of 61% good to excellent. The harvest is now 53% complete which is up 15% from last week. They still remain far behind the 5 year average of 69% complete and last year’s pace of 67% complete. Winter wheat is now 72% planted. This is up only 7% from last week and remains well behind the 5 year average rate of 77% planted. Tis crop is reported with 53% of it emerged. This is up 9% from last week and just behind the 5 year average of 55% emerged. In summarising the report we need to look at the effect of the favourable dry weather at the end of last week and through the weekend. This has got the combines rolling again and harvest progress continues to be made. This week we may see the soybean harvest catch up to 5 year averages. Planting for the winter wheat crop should also progress well this week. Please call Geoffrey Guy at 613-880-2707or Bob Orr at613-720-1271 if you would like any direct ship pricing. Prices quoted herein are for product at our elevator.
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