Wednesday, May 16, 2012
Opening Comments - 5-16-12
The grain markets are called mixed this a.m. behind a mixed choppy overnight session that saw mainly weakness but we have seen outside markets bounce off of their overnight weakness which has most calls a little better then where the overnight session left off at.
In the overnight corn was down 2-4 cents, beans where hit the hardest down 16 on old crop, new crop soybeans where lower by 13-14 cents, MPLS wheat was off 1-2 cents, KC wheat was up ½ of a cent, and CBOT wheat was down a ¼ of a cent. At 9:25 outside markets have bounced a little bit with EU wheat up about 1 %, the dollar is about unchanged, equities are firmer with the DOW up 84 points, crude is off about 60 cents a barrel, and Gold is down about 8 an ounce.
It looks like I am a little late getting out these comments as markets are now open and as suspected firmer then the overnight session. We have corn up 3, beans off a dime, KC wheat up a dime, CBOT wheat up about a dime, and MPLS wheat up 5.
Outside markets bouncing and some reported export business with China helping out. Also dryness talk is starting to heat up perhaps adding a little weather premium into the markets. Parts of the US and also parts of Russia; talk is that the Russian crop is getting smaller in particular the area that usually is a big exporter.
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