Below is a forward from Joel Fitch from Country Hedging; he will be here for next week’s Midwest Cooperatives Marketing Hour Round Table which is every Wednesday in Onida at 3:30; don’t forget to mark it on your calendar and as a reminder we will have the meeting this afternoon. Please call as space can be limited.
Markets are called steady to mixed this a.m. with a weaker outside market tone along with a mixed overnight session and ideas that price rationing is starting to occur, weather is better, and funds remain long just looking for reasons to liquidate.
In the overnight session old crop corn was down 4-5 cents, new crop corn was off a penny, CBOT wheat was unchanged, MPLS was off a penny or so, KC wheat was off a penny, and beans where up a penny or so.
At 9:00 outside markets have European Wheat up about ½ to 1 percent, equities are weaker with the DOW off 85 points, crude is off about 40 cents, and the US dollar is up 723 on the Sept at 75.415.
Outside markets are rather similar to slightly better then they where when the grains left off; but some are talking about more fund liquidation in the grains. Fundamentally the break in prices shouldn’t hurt us as it makes us more competitive in various ways.
Yesterday the Senate did vote to keep the present blenders credit; which in theory should have helped our corn bounce a little bit; which it did right away in the overnight session but it didn’t manage to keep the strength which is disappointing.
Basis remains strong but we are starting to feel a little pinch for grain needing to move before wheat harvest; thus I would guess basis appreciation could be very hit and miss as we go forward.
Please give us a call if there is anything we can do for you.
No comments:
Post a Comment