Corn as of 8:00am. 7 lower. Dec. 10 lower.
Markets drifting lower this morning as funds continue to liquidate their positions before we get into July futures. Funds long 93,000 corn. Wet weather pattern seems to continue through mid week then getting drier. Flooding along the banks of the Mississippi. Planting progress report out tonight. It is expected to be at a slow pace.
Soybeans as of 8:00am. 7 lower. Nov. 6 lower.
Soybeans also drifting lower today. 102 bird flu cases in China with 20 deaths so far. Chinese feed and meat consumption lower. China has only imported 3.8 mmt verses 4.8 mmt this time last year. The ongoing pace of sales however is still at an intolerable rate. What will it take to slow down demand?
Wheat as of 8:00am. Spr. Wheat. 3 lower. Win. Wheat. 7 lower.
Weather patterns continue with more scares of a freeze for the southern states. Today's planting and progress report is expected to show more deterioration in the winter wheat.