North Gower Grains

Tuesday, June 30, 2026, 7:50 am

Monday was another negative day for our markets.  Harvest corn closed down 11 1/2, harvest soybeans closed down 17 1/4, harvest winter wheat closed down 10 and harvest spring wheat closed down 4 1/2.  In the overnight trade corn and soybeans remain negative with the wheat sector back on the positive side.  Oil closed up $1.52 yesterday at $70.75 per barrel.  It is a bit stronger again this morning with it currently priced at $70.82.  Our dollar started out at $0.705 US yesterday morning and has trended lower since then.  This morning it is currently valued at $0.702 US. 

Our markets traded lower yesterday with the thought that US weather is generally still seen as favourable for crop growth.  This is even with the current heat dome hovering over the majority of the US Corn Belt.  The two-week forecast is calling for adequate moisture which will help to minimise crop stress. 

Today the USDA releases their Quarterly Stocks Report and the Planted Acres Report.  They are expected to announce that current corn stocks are at a 38-year high and this is also placing negative pressure on prices with the December future hitting a new contract low yesterday.  The marketplace will be watching today to see if the USDA comes forward with surprises that could drive prices either up or down.   

The USDA released their Weekly Crop Progress Report yesterday.  The good to excellent rating for their corn crop decreased 1% week over week to come in at 67%.  Last year at this time this crop had a 73% good to excellent rating. 

For their soybean crop the good to excellent rating also decreased 1% from last week to come in at 65%.  Last year at this time this crop had a 66% good to excellent rating.  They also reported that 19% of this crop is now flowering.  This is up from 9% last week and compares to 16% at this time last year and the 5-year average of 15%. 

The winter wheat harvest is up 8% from last week to come in at 48% complete.  This compares to 34% at this time last year and the 5-year average of 39% harvested. 

Spring wheat had a 5% increase in its good to excellent rating week over week to come in at 59%.  Last year at this time this crop had a 53% good to excellent rating.  They also reported that 32% of this crop is now headed.  This is up from 16% last week and compares to 35% at this time last year and the 5-year average of 34% headed.

This report should be considered neutral for corn and soybeans with the small decreases in their good to excellent ratings.  With the quick harvest pace this report is slightly bearish for winter wheat.  The report is definitely bearish for spring wheat with the large increase in its good to excellent crop rating.