Daily Blog


 Grains Matter Chatter - Episode 191

https://www.buzzsprout.com/1116593/14698223

Monday, March 18, 7:25 a.m. – Friday was a mixed day for our markets.  Spot corn closed up 3, spot soybeans closed up 3, spot winter wheat closed down 3 3/4 and spot spring wheat closed down 8 3/4.  In the overnight trade corn and the wheat sector are positive with soybeans now on the negative side.  Oil closed down $0.22 on Friday at $81.04 per barrel.  It is stronger in trading this morning with it now valued at $81.59 per barrel.  Our dollar traded between a low of $0.738 US and a high of $0.740 US on Friday with it closing out at $0.739 US.  With some choppy trading in the overnight market it is down just a bit and is currently valued at $0.738 US. 
 
Last week was a mixed week for our markets.  The corn market ended up just about even week over week.  Soybeans were the star with spot soybeans up $5 per tonne and harvest 2024 soybeans up $7 per tonne.  Spring wheat was down about $5 per tonne across the board and winter wheat was down $3 per tonne for old crop and $1 per tonne for new crop.  With increased oil prices helping to support our dollar last week some downward pressure is being placed on our local basis levels.
 
As we talked about on Friday news for the world wheat market continues to be centred on China.  They are reports (and rumours) that they have now cancelled orders from US, Australia, France and Canada.  Russia and Ukraine keep supplying lower cost wheat on the world market and it is looking like China is taking advantage of this.  The cancellations have weakened prices around the world and is probably leading to speculative funds once again increasing the size of their short position (looking for prices to go down). 
 
Soybeans were higher on Friday even with the harvest in Brazil progressing well.  There is much talk about the current discrepancy between the final projected yield in Brazil between CONAB and the USDA.  Which side ultimately ends up being correct could give this market some price direction.  It seems that time will tell this story and we may have to be patient to see how it works out.
 

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If you would like to talk about the markets or price some of your crop for the future or in store, please reach out to us. Prices quoted herein are for product at our elevator.

Geoffrey Guy | 613-880-2707
Delores Foster | 613-880-7458
Bob Orr | 613-720-1271
Office | 613-489-0956

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Please send info to;
2518 Lockhead Rd,
North Gower ON K0A 2T0

or 
info@northgowergrains.com  
 

Local Cash Bids
 
CORN
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  436'6
0'6
 Harvest 2024  471'2
0'4

SOYBEANS
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  1186'4
-1'2
 Harvest 2024  1179'6
-0'6

WHEAT, HRS (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  651'6
1'0
 Harvest 2024  666'2
1'2

WHEAT, SRW
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  542'6
0'0
 Harvest 2024  572'6
0'0

WHEAT, HRW (INCLUDES PROTEIN)
  North Gower Grains
Futures Price Basis Cash Price Converted Price Futures Change
 Spot  542'6
0'0
 Harvest 2024  572'6
0'0

Price as of 03/19/24 01:16AM CDT.
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