Grain Marketing Specialist
Corn: As of 7:45- 2 higher
News of China buying Ukrainian corn along with technical weakness and pressure from outsides with crude posting another lower day kept the corn market on the defensive yesterday. Dollar was a touch lower yesterday and this morning but still at levels we have not seen since 2003. 2015 corn/ bean ratio currently at 2.37.
Soybeans: As of 7:45- 6 higher
Brazil is reported at nearly 50% harvested with favorable weather in the forecast. Dr. Cordonnier left his Brazil production estimate unchanged at 93mmt. There has been chatter of the bean line up growing but outside of that it’s pretty tough to find any bullish news in this market right now.
Wheat: As of 7:45- 1 -3 higher
Wheat pressured lower by row crops and outside markets yesterday. There are still concerns about temps and moisture along with winter kill as wheat breaks dormancy. At the end of the day the US and the world has plenty of wheat which will likely limit any large recovery.