Markets are called mixed to softer this a.m. behind a weaker
overnight session and weaker outside markets.
In the overnight session new crop corn was off a penny, old
crop corn was up 1-2 cents, KC wheat was off 8 cents, MPLS was off 9 cents, and
CBOT was off 8 cents. At 9:10 outside
markets have European wheat about unchanged, equities are down slightly with
the DOW off 15 points, crude is down about 80 cents a barrel, gold is off about
10 dollars an ounce, and the US dollar is bouncing slightly up to 78.822 on the
cash index.
We are in delivery period for the grains and that did throw
a little surprise as we got some delivers for beans and that pressure some of
the spreads. KC and CBOT wheat also had
some deliveries but that was expected.
Corn didn’t and isn’t expected to see any with the strong cash markets
and hot basis.
The USDA reported that more new crop beans where sold to
China this a.m. in the tune of 220 tmt. China
did help our corn market out big time on Friday with huge announcements of
sales.
This afternoon we will have a crop progress report and expectations
are for corn to be over 40% planted; some estimates are as high as 50%. Wheat conditions are expected to be mixed and
the majority of spring wheat is also expected to be planted.
This a.m. we will have export inspections.
The possible freeze in wheat area doesn’t appear to be as
bad as thought it would have been; with many areas not getting quiet as cold as
forecasted.
Please give us a call if there is anything we can do for
you.
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