North Gower Grains

Thursday was a negative day for our markets.  Harvest corn closed down 5 3/4, harvest soybeans closed down 11 1/4, spot winter wheat closed down 17 and spot spring wheat closed down 13 1/2.  In the overnight trade all of our markets are now on the positive side.  Oil closed up $2.21 yesterday at $88.74 per barrel.  It is weaker in trading this morning with it now priced at $88.52.  Our dollar has traded between a low of $0.701 US and a high of $0.703 US over the last 24 hours.  This morning it is at the low end of the range with it currently valued at $0.701 US. 

With the pull back in soybean prices yesterday they failed to reach up to the 20 day moving average.  It was a most disappointing day for this market after the early strength this week when the monthly WASDE report was released. 

The stronger US dollar this week is giving the commodity markets another reason to fall lower.  The Federal Reserve Chair in the US has hinted that there could be two more interest rate increases coming and this has given strength to their dollar.  With an increased dollar exports out of the US are more expensive on the world market and this has helped to drive our commodities lower.

Prices have rallied this morning and it is great to see all of our markets on the positive side.  What is driving the markets this morning it is not immediately evident at this time.  Whatever it is let’s hope it keeps going. 

The elevator is of course open all weekend.  Have a safe and productive harvest weekend!

Friday’s thought: Sometimes it’s not a secret.  It just is not your business!