Corn up 6, Beans up 5, Wheat up 9
Crude Oil- 93.86 up .52
US Dollar- 82.49 up .06
Dow- 17,079 down 42
Bids are different for this week’s delivery in comparison to next week; if you are in the fields and planning on taking anything to town please call talk with us about the bids for the next couple of weeks as they are different.
Beans had a positive day on the board and funds bought 2,000 lots and called it good. Sounds like there was some talk of the Chinese out booking some stuff today. The letters of credit is still a topic of discussion although maybe that waits to come to a head until later. Rains are moving in over the delta this weekend not what they need at the time as they are harvesting some early corn and beans already. I was on a conference call today, the Sudden Death topic was brought up from what I heard unless the sudden death was showing up 4 weeks ago or earlier it isn’t a concern in the market at this time the beans were able to fill a pod before the sudden death took over the plant, yes there will be some damage to yield but not enough damage to put any concern in the market at this time.
Corn also had a good day on the board due to some tension on the Ukrainian front of things. Funds bought about 4,000 on the day. Exports are beginning to show some life. Reports from the fields are coming in and continue to be nothing short of phenomenal there hasent been one yield report under 170bpa keep in mind there are people harvesting that haven’t seen corn do that well ever, there are people in the Delta and far south that consider 120 an okay year, im not saying there isn’t potential to see some harvest issues come up as harvest continues to move north as Iowa has seen an abundance of rain, there are parts of Nebraska that were hammered with hail earlier in the season so until we see how some of that works through the combines we won’t REALLY know how things are doing. The next report is out on the 11th.
Wheat was the winner today closing the session 9 higher; I’ll bet you can’t guess why! Funds bought 4,000 lots on the day. The only news in wheat right now is the run around going on with Russia and the Ukraine. Putin, with all of his intelligence has been preaching their non-involvement for a while now; I read today that on Monday Ukrainian officials released photos of a handful of Russian parachutists who were captured on Ukrainian land. Following their capture the Russian defense group was denying the individuals were Russian (http://time.com/3198068/russian-soldiers-in-ukraine-put-pressure-on-putins-denials/). Anyway I’ll get off of my rant on the issues going on over there, hopefully it will be resolved and there can be some business done on the Black sea side of things.