Grain Marketing Specialist
Corn: As of 7:45- 1 lower
Plenty of strength to go around yesterday as a strength soybean market headed give support to corn. Export inspections was nothing to write home about at 35 mbu vs. the 45 needed to meet expectations. Corn/bean ratio being noticed as well as the idea of as much as 4 million swaying from corn to beans added support as well. Producers appear to have rewarded this perk in prices. Mar corn played around and then eventually settled around the higher end of the range we have been in for a while. Overnight we had a tight 2c range.
Soybeans: As of 7:45- 5 lower
Heavy rains in parts of Argentina over the weekend leading to ideas of as much as a 5mmt decline in production. This fueled a 23c move higher in the front month. Nov not quite as favorable only posting a modest 1 ½ c gain. Planting intensions weighing on SX7. Export inspections solid again this week while Nopa crush at 160.176 a little lower than the 162.8 expected. Focus will remain on Argentine weather for now as things appear to be a little warmer and drier in the short term but tuned for any talk of additional rainfall.
Wheat: As of 7:45- Spring 6 higher, winter 2 lower
KC and Chi wheat managed to post modest gains on the coattails of row crops. Minneapolis on the other hand did its best to try to chip away at the steep inverse we created recently. Mar declined 16c while May only 7c. Some of that inverse working back in overnight. I would expect this spread to remain volatile. Export inspections a little disappointing at 12.7 mbu, lower than expected and what is needed weekly to meet expectations.