Markets where called mixed to weaker this a.m. behind weaker
outside markets and a lower overnight session.
In the overnight session corn was down 2-3 cents, beans
where 6-7 lower, KC wheat was off 2-3 cents, MPLS wheat was unchanged and CBOT
wheat was down 2-3 cents. At 9:20
outside markets have the US dollar stronger, the equities are weaker with the DOW
down 52 points, and crude is off about 60 cents a barrel.
Not much for new news this a.m.; it does appear that parts
of SA now received a little more moisture then expected.
The markets did open as expected a little weaker following
the overnight session; but within the first 5 min’s most had reversed and turned
positive and basically kept gaining throughout most of the day. We did close a little off of our highs and MPLS
had a disappointing performance but in general the grains had another positive
day as the bullish momentum continued.
Corn closed up a dime, KC wheat up 12, MPLS unchanged, beans
where 2-3 higher, equities where weaker, dollar firmer, crude off about 75
cents a barrel, and CBOT wheat up 14. MPLS
spreads widened out and the spot floor was a little weaker while spread for
corn firmed up showing more signs of solid demand.
Talk was in the marketplace that Russia will be placing an export
tax on wheat; thus slowing down their wheat exports and perhaps leading to a
little business for the US. But those
rumors where denied by the government.
Also rumored was Argentina placing some sort of restriction on their corn
exports due the drought damage.
Basis firming, weather, and ideas that the funds want to
jump on the bull bandwagon for the commodities continued to help our markets
today. Until exports slow down we should
find some sort of support; but keep in mind the reason that our markets are
futures markets. They like to throw
plenty of curveballs when we least expect it.
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