Corn down 1, Beans up 7, Wheat down 2
Crude Oil- 102.07 down 1.05
US Dollar- 80.87 up .05
Dow- 17,093 up 7
Beans were up today and closed the session positive 7 cents off of talk about dryness. The Chinese are looking to get back into the market a little bit but haven’t bought anything. I was on a conference call this morning, we were talking about beans and what some were thinking would come of the bean crop this year and how it was looking in different parts of the nation. We are blessed to have this call once a week with a group that has been put together that resides in several key parts of the Midwest, from today’s call I think that there are parts of the Midwest that really need a drink but then there are parts commenting that rain is what the doctor wrote but if we don’t see that rain right away that we won’t be in complete turmoil either, my take home message today was that most of the nation will be okay for about 7-10 days but after that we may have something to talk about. Beans are made in August and before that the commodity is really just a topic of discussion.
Corn landed the session 1 penny lower on the Chinese making noise about DDG’s with the MIR162 strain in them, so much for that story being over with. Funds sold 4,000 on the day. the conference call this morning really didn’t have a lot discussed in terms of corn, we all know the crop is huge, we all know the potential is there for it to be even bigger than we are already anticipating so with that known we kind of let that dog lay. We did talk a little about what other people are going to do as far as holding this year’s crop and as of right now I think most everyone is in the process of adding a flat and if they didn’t they are wishing they would have. There are parts of the nation that will have a significant amount less than others this year there were parts of Nebraska and Iowa that got rocked with hail at the beginning of the growing season but we will wait to see how that turns out.
Wheat was the ultimate loser today closing the session down 2 pennies. We didn’t talk much at all on wheat today however I read a commentary that had some interesting yields to it. There is apparently a crop tour going on in some of the spring wheat areas a couple of which are northern and western North Dakota they are reporting yields from those areas of 47.3 bpa which comes up against the average of 44.7 bpa. It sounds like the story there is pretty closely related to corn as we are expecting high yielding corn they are expecting high yielding wheat with low protein. Winter wheat presses northward again talk on high yields with some places being spotty but in general it sounds like things there are coming along nicely.
Have a good one!