North Gower Grains

Wednesday, June 17, 2026, 6:20 am

Tuesday was a positive day for our markets.  Harvest corn closed up 3/4, harvest soybeans closed up 11 3/4, harvest winter wheat closed up 6 1/4 and harvest spring wheat closed up 4 3/4.  In the overnight trade all of our markets are on the positive side.  Oil closed down $6.30 yesterday at $75.27 per barrel.  It is modestly stronger this morning with it currently priced at $75.63.  Our dollar has traded between a low of $0.713 US and a high of $0.715 US over the last 24 hours.  This morning it is currently valued right in the middle of the range at $0.714 US.

Most of our markets spent some time on the negative side yesterday but ended up positive.  Soybeans closed over 20 cents off the low for the day with rumours that China is getting closer to entering the market for US soybeans.  The price discount that is in the nearby market for soybeans from Brazil ends with the August market and there is much speculation that China will start making US purchases as the premium on US soybeans will be eliminated.  We also need to remember that China still has a 10% tariff on soybean imports from the US and this needs to be eliminated to make US soybeans competitively priced in their marketplace.

The new peace deal between the US and Iran is expected to be signed on Friday.  This has led to crude oil prices pulling back which has put some pressure on soybean oil prices also.  The Strait of Hormuz is supposedly to open once the deal is signed on Friday. 

The USDA reported on Monday that the winter wheat harvest is moving along well in the US with it now recorded at 25% complete.  This was up from 11% last week and is well ahead of the 5 year average of 13%.  The good to excellent rating for this crop came in at 27% which was up 2% from the previous week.  The average yield is definitely down this year but they are getting their crop harvested at a quicker than normal pace.