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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