Corn up 2, Beans up 17, Wheat up 6
Crude Oil- 103.12 up .73
US Dollar- 80.80 up .02
Dow- 17,087 down 25
Not a lot of new news to be had concerning weather, we will see the 90’s until the end of the week and after that we see some cooler temps. There aren’t any big chances of rain any time to soon but there are some small chances Friday and Sunday.
Beans had a good day on the board closing the session up 17 funds bought 5,000 on the day. There’s talk of some extreme dryness in the western part of the Midwest so that has got some concern brewing. The Chinese were out looking for things today so that also helped the board pop up a bit. The extended forecast looks relatively dry if that would persist maybe we see things rally. Other news is routine things look fantastic as of now however there is always a chance that things change “we can be 30 minutes from a flood and 2 weeks from a drought at the same time.”
Corn had a positive day on the board closing the session up 2 funds bought 2,000. The crop continues to look huge. Each day I read something new from someone, somewhere saying that the corn is 7-8 feet tall with two ears and each ear is filled to the end. If the weather does what some think it’s going to do MAYBE we see corn try to come back but at the same time it sounds like most people think the crop is made and we’re in good shape.
Wheat was up with corn today, actually closed the session up 6 pennies, funds bought maybe a thousand on the day. There isn’t a lot of other news, the issue with the plane has been relatively quiet since it happened and there hasn’t been any good reads on it. With the corn crop looking like it’s going to be huge we are working on getting rid of wheat that we have in the elevators so that we are as ready as possible when corn starts pouring in.