North Gower Grains

Monday, February 9, 2026, 7:15 am

Friday was a mostly negative day for our markets.  Spot corn closed down 4 3/4, spot soybeans closed up 3, spot winter wheat closed down 5 1/2 and spot spring wheat closed down 1 1/2.  In the overnight trade all of our markets are on the negative side.  Oil closed up $0.26 on Friday at $63.55 per barrel.  It is stronger in trading again this morning with it now valued at $63.89 per barrel.  Our dollar traded between a low of $0.729 US and a high of $0.734 US on Friday with it closing out at $0.732 US.  In the overnight trade it has jumped back up to $0.734 US.

Last week was a mostly positive week for our markets with soybeans leading the way higher.  We should note that some basis level increases also supported local prices.  Spot corn closed up $5 per tonne with harvest 2026 up $3 per tonne.  Soybeans closed up a strong $23 per tonne on the spot market and $10 per tonne for this fall.  Spring wheat was down $1 per tonne with this summer’s harvest up $2 per tonne.  Winter wheat was also down $1 on the spot market but rallied up $5 per tonne for this year’s harvest.

Soybeans did close positive on Friday but they also closed 22 cents off their high for the day.  Did the market go as high as it could based on the limited information that President Trump released this week saying that he asked China to purchase another 8 million tonnes of spot soybeans?  Remember they did not make any purchases towards this lofty goal last week it was only a tweet by the President that sent the markets higher.  Soybean traders were busy over the week as the market traded the rumour with trading activity on Wednesday reported near an all-time high.  Managed money had to be very active in this and most likely liquated some of the short position (looking for prices to go lower) that they were holding.  We should also note that soybeans did close the week above all of the 20, 50 and 100 day moving averages.   This is their first close above all 3 of these averages since the harvest rally last fall.

The USDA does release their monthly WASDE report tomorrow.  The February report is usually not much of a market mover due to the lack of new data being released.  This year the market is not looking for any new data that will move the market and as such we are not expecting much out of the market tomorrow.  In saying that we always know that the USDA can surprise the marketplace and the way things work in this Trump era who knows what they will report.

Prices have started lower this week with the marketplace looking for a new reason to drive prices higher.  It could be actual purchases by China or a change in the weather patterns in South America or whatever.  We should note that the weather in South America has been very favourable for their growing crops and current forecasts are not changing this.  Let’s wait and see what the week will bring us, hopefully something positive!