Market Report – January 25, 2018
Soybeans closed yesterday positive for the 8th consecutive trading day due to the dry weather in Argentina. Reports out of Southern Brazil are stating that it is too wet and is damaging their soybean production potential.
Local cereal markets are fairly tight – if you are sitting on oats or barley that are reasonably good quality now might be a good time to call around to see if there are any takers. Feed buyers will turn to the western crop to meet demands if local supply isn’t sufficient.
The Canadian dollar is currently at $0.811 cents/US$.
The barrel is higher at $65.61 this week.
North Gower Grains bidding $176/te for this year’s crop corn. Harvest 2018 is bid at $185/te.
Palmerston Grain is bidding Hard Red Winter Wheat 2017 crop delivered to their elevator at $188/te. 2018 Hard Red Winter wheat is bid at $195te – which is unchanged from last week.
Soybeans delivered to North Gower Grains are bid in at $425/tonne. 2018 harvest soybeans delivered at harvest are at $435/te.
Current bid for 2017 canola delivered to Hamilton is $517/te.
Now is the best time to be planning for spring of 2018. Fertilizer prices are in the marketplace now with early booking and early pay discounts helping reward proactive farmers. Producer meetings are upcoming February 7&8. Call our office today for more information and to set up an appointment to go over your crop plan for 2018