North Gower Grains

Tuesday, July 7, 2026, 7:20 am

Monday was a nice positive day for our markets.  Harvest corn closed up 16 1/4, harvest soybeans closed up 44 1/2, harvest winter wheat closed up 13 and harvest spring wheat closed up 11.  In the overnight trade corn, soybeans and winter wheat are now positive after trading some negatives.  Spring wheat is now on the negative side.  Oil closed down $0.14 yesterday at $68.55 per barrel.  It is stronger in trading this morning with it now priced at $69.27.  Our dollar had a low of $0.702 US yesterday morning and a daily high of $0.704 US just after lunch.  It has traded within that range since then with it currently valued this morning at $0.704 US. 

Our markets rallied yesterday with the hot weather forecast for July being the major catalyst.  Last week the heat dome over much of the US Corn Belt was not a concern however with the weather forecast for July being well above normal temperatures heat is now a concern and our markets responding accordingly.  We should also point out that heat wave over much of Europe continues to apply stress to their growing crops. The good to excellent rating for the corn crop in France decreased a record 18% from last week to come in at a 13 year low of 58%.   

It was also rumoured yesterday that between 300,000 and 600,000 tonnes of new crop soybeans were purchased by the state soybean purchaser from China.  This is a great positive influencer for soybean prices going forward.  We should note that our markets were probably over sold to the down side with their recent low prices and this makes a bump up in prices much easier for the marketplace to incorporate. 

Yesterday the USDA released their Weekly Crop Progress Report.  The good to excellent rating for their corn crop was unchanged week over week at 67%.  Last year at this time the crop had a 74% good to excellent rating.  They also reported that 16% of this crop is now silking.  This compares to 17% at this time last year and the 5 year average of 14% silking. 

The good to excellent rating for their soybean crop decreased 1% week over week to come in at 64%.  Last year at this time their soybean crop had a 66% good to excellent rating.  They also report that 34% of this crop is now in flower.  This compares to 30% at this time last year and the 5 year average of only 28% flowering.

The winter wheat harvest increased 11% week over week to come in at 59% complete.  This compares to last year at this time and the 5 year harvest number of 51% complete. The good to excellent for the remainder of the crop was unchanged from last week at 26%. 

For their spring wheat crop the good to excellent rating decreased 2% week over week to come in at 57%.  Last year at this time this crop had a 55% good to excellent rating.  They also report that 54% of this crop is now headed.  This compares to 58% headed at this time last year and the 5 year average of 54%. 

This report should be considered mostly neutral for corn and soybeans with stable good to excellent ratings and the crop progressing well.  For spring wheat the report should be supportive prices with the decreased good to excellent rating.  Finally, for winter wheat the report is slightly bearish with harvest remaining ahead of previous years.