Markets are called mixed to better behind a mixed but mainly
firmer overnight session and supportive outside markets.
Nearby corn was off a penny while deferred corn markets
where unchanged, beans were up 5-7 cents, KC wheat was up a couple, MPLS wheat
was up 2, and CBOT wheat was up 2-3 cents.
At 8:55 outside markets have equities firmer with the DOW up 94 points,
crude is up about 1.50, gold off about 10.00 an ounce, the dollar is about
unchanged, and European wheat is up about 1 %.
The USDA had electronically issues (fire I believe) that
delayed crop progress and conditions; they are now expected to be out this
afternoon at the normal 3:00 time.
Export inspections or shipments were delayed yesterday but
did come out after the markets closed. Wheat
came in at 25.7 million bushels which is about 10 million bushels more then we
need on a per week basis to meet current USDA projections. Corn also came in very strong at 42.9 million
bushels well above the 33 million bushels we need on a per week basis to meet
current projections. Beans came in at
their lowest level since late Sept/Early Oct; but at 18.1 million bushels they
are still well ahead of the 11.5 that they need on a per week basis to meet
projections. All in all rather good
export performance for our grains with the corn and wheat numbers sticking out
a little bit on the bar charts while beans show a clear slow down trend over
the past several months.
Ideas for this afternoon’s crop report are around 15-20 %
corn planted.
Look to see if our markets can have a turnaround Tuesday;
cash markets remain strong for corn and beans while weather has been more
ideal. If we continue to see ideal
weather there could be more room to the downside; but I have to personally
think we could and should see some sort of weather scares as we move forward.
Please give us a call if there is anything we can do for
you.
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