North Gower Grains

Friday, March 6, 2026, 7:00 am

Thursday was a positive day for our markets. Spot corn closed up 9 3/4, spot soybeans closed up 9 3/4, harvest winter wheat closed up 15 1/2 and harvest spring wheat closed up 10 1/3. In the overnight trade all of our markets are back on the positive side. Oil closed up $4.30 yesterday at $78.96 per barrel. It is stronger in trading this morning as well, with it now valued at $86.13 per barrel. Our dollar has traded between a low of $0.729 US and a high of $0.734 US over the last 24 hours. This morning it is currently valued at $0.732 US.
 
With war comes volatility to the markets. Wednesday seem to be a correction day in the markets, but yesterday we were right back to lots of upward movement in all the grain markets. The stock markets took a beating, but physical commodity markets were all positive. Crude oil up a total of $11.47 since opening yesterday morning. Soybean oil continues to be the leader up 9 consecutive days and up 12 out of the last 13 days.

Iran hit a Kuwaiti Oil tanker in the strait of Hormuz yesterday and it’s leaking oil into the water. Which is bullish news for the crude oil market and then follows with support for bio-diesel (soybeans) and ethanol (corn) markets as well.

Fertilizer plants are shutting down in the Middle East, specifically; Saudi Arabia, Qatar and Iran as the war is disrupting the shipping routes. A lot of fertilizer is shipped through the Hormuz Strait, which is once again putting pressure on fertilizer prices. And of course right before planting season starts ramping up. Rumors are Urea was $550/MT into Ontario last week and is now over $1000/MT.

US corn exports have surged ahead of expectations this week, after a disappointing week previously. South Korea is currently the top purchaser.