North Gower Grains

The markets are closed today for Memorial Day in the US.  Our office is open. 

Friday was a mixed day for our markets.  Spot corn closed up 1, spot soybeans closed up 2 1/4, harvest winter wheat closed down 1 1/4 and harvest spring wheat closed down 3/4.  The markets are closed today for the holiday in the US.  Oil closed up $0.25 on Friday at $96.60 per barrel.  It is weaker this morning with it now trading at $90.87 per barrel.  Our dollar traded between a low of $0.723 US and a high of $0.726 US on Friday with it closing out at $0.724 US.  With some choppy trading overnight, it is once again valued this morning at $0.724 US. 

The big news this morning is that a Peace Deal is supposedly in the works between the US and Iran.  Although we should note that both sides have stated that there is much yet to be worked out before a final deal is made.  Some reports have many ships getting through the Strait of Hormuz with other reports saying that shipping is still being held up.  Crude oil prices did pull back about $5 per barrel when the tentative deal was announced over the weekend. 

Our markets stayed close to even on Friday with some optimism for crop growth for both corn and soybeans with some very beneficial rains projected with the current 10-day weather forecast.  As we talked about last week it looks like the supply side of these markets are gaining momentum and have the potential to be a dominant force for prices going forward.  Of course, we all know that if China flexes their purchasing muscles, they can quickly change the market outlook.   

Last week was a positive week for our markets.  Corn closed up $3 per tonne on both the spot market and for this year’s harvest.  For Harvest 2027 corn was up $1 per tonne.  Soybeans were up $8 per tonne on the spot market, $6 per tonne for this year’s harvest and $5 per tonne for harvest 2027.  Winter wheat was up $4 per tonne on both the spot market and this year’s harvest with it up $6 per tonne for next year.  Spring wheat was up $2 per tonne for both the spot market and this year’s harvest with it up $4 per tonne for harvest 2027.

With the majority of the local crop now planted and some wet weather giving all of us a break from some field work this is a great time to look at your potential farm marketing requirements.  Give us a call anytime and we can discuss how to take advantage of the still historic strong prices and how Target Orders can work for your farm.