Markets are called mixed this a.m. behind a choppy mixed
overnight session and outside markets that are on the quite side of things.
In the overnight session corn was up 2 cents, beans where
unchanged to off a penny, KC wheat was up 4-5 cents, MPLS wheat was firmer by
about a nickel, and CBOT wheat was up 5 cents.
At 9:20 outside markets have the US Dollar weaker down about 290 at
76.848 on the cash index, European wheat is up a little over a ½ of a percent,
equities are near unchanged also with the DOW up about 30 points, while the S
& P is near unchanged, and crude oil is up about 30 cents a barrel.
Overall another day with out a lot of fresh news to effect
our markets. The biggest thing remains
the overwhelming world supplies of some of our grains versus tight domestic
stocks, and a lack of producer selling at a time when seasonally it is at it’s
highest. Basis continues to firm on the
row crops in many areas and spreads have tightened up on the row crops as
producers are able to store more then the market thought. Longer term my personal opinion is we are
going to run the risk of having too much supply sitting on top of the market;
but only time will tell as demand overall for grains is good and even though
eventually producers have to sell or move product; end users eventually also
have to buy product. So it really
appears to be coming down to a game and right now producers are more in control
then normal.
Don’t forget that we do have our MWC Marketing Hour Round Table
this afternoon in Onida at 3:30.
Watch outside markets for direction and see if we ever see
some selling pressure from this year’s row crop as we go forward.
Thanks
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