Sunday, May 20, 2012
Opening Comments 5-18-12
Markets are called mixed this a.m. behind a mixed overnight session that saw a little weakness in beans and continued strength for corn and wheat. Outside markets are also a little disappointing which could add to a little weakness from the overnight session.
In the overnight session corn was up 3-4 cents, beans where off 3-6 cents, MPLS wheat was firmer by 4-5 cents, KC wheat was 5-6 cents better, and CBOT wheat ended up 5 ½ as the night session ended. Speaking of night sessions this may be the last break we have as the latest from the CME is that starting Sunday night the markets will run from 5 pm to 2 pm the next day. Closing time will still be the same at 1:15. But this has been a changing target. As of 9:15 outside markets have European wheat up on dry concerns in Russia and cold concerns in parts of EU, despite Facebook’s IPO the stock markets are about unchanged with the DOW even presently, the dollar is about unchanged, and crude is off about 60 cents a barrel.
The outside markets scare me a little bit; but overall it feels as if grains want to move up. Dry weather is starting to be talked about a little more each day. Forecasts will start to be market movers.
Nothing to report for export sales this a.m.