North Gower Grains

Thursday, October 22, 2026, 7:25 am

Wednesday was a mostly negative day for our markets.  Harvest corn closed up 1 1/4, harvest soybeans closed down 3, spot winter wheat closed down 15 and spot spring wheat closed down 10 1/4.  In the overnight trade corn and soybeans are mixed with the wheat sector negative.  Oil closed down $0.67 yesterday at $97.15 per barrel.  It is stronger this morning with it now priced at $98.86.  Our dollar had a low yesterday morning of $0.710 US and has trended mostly up since then.  This morning it is currently valued at $0.713 US. 

The nearby corn market closed positive yesterday after trading down 7 cents early in the trading day.  Nothing really occurred to bring prices back.  Maybe this market has finally hit its low.  This market has lost $0.88 on the nearby CBOT since early September.  We should note that Managed Money had a near record long position at that time as they were betting on prices going higher.  Since then they have liquidated just over 50% of that position and this has contributed significantly on pushing prices lower.  It is possible that this market has finally found a low. 

The wheat market crashed yesterday for the 5^th straight negative day.  President Putin has agreed to return to the negotiating table but not until November 10^th.  Not sure if this is the reason for the price pullback yesterday as most analysts already say that the wheat market does not include any premium for the lack of supplies coming out of the Black Sea region.  We should note that spring wheat is down almost $1.50 per bushel on the nearby exchange since the beginning of September.  The trend in the wheat market is definitely not our friend as it continues to search for a low point.  

With the recent soybean export sale announcements out of the US China has now purchased 13.5 million tonnes of the 25 million tonne target.  The USDA also announced yesterday a significant sale of soybeans to Spain which shows that US soybeans are very competitive in the world market.  Both of these factors should be bringing support to the soybean market however prices have not yet rebounded.

Row crops were positive in the overnight trade before pulling back this morning.  All of our markets are due for a positive day after the recent pullback.  Hopefully we will see this soon (today?) and it is not just a short term bounce but is a return to positive price action.  On a negative side we should note that recent increase in the Canadian Dollar is putting negative pressure on local basis levels. 

Geoffrey Guy | 613-880-2707
Adam Plater | 613-220-8961
Bob Orr | 613-720-1271
Tony Mitchell | 613-227-2525
Office | 613-489-0956