April 2 2014
Grain Marketing Specialist
Corn: 1-3 Lower. Is the Market Overbought???
Corn had another decent day with Monday’s report still the big talk, this has caused some weaker basis levels in some areas.December Corn closed above $5 for the first time since September 12. On the overnight corn was steady but held above $5. Weather has the market worried, with cool and wet in some areas. Could we be worried about delayed planting yet?
Soybeans: 5-10 Higher. Are we going to run out??
Beans saw double digit gains again yesterday as the market is still trying to digest Monday’s numbers. July lead the way as we will be getting tight on this summer. May say another day of new contract highs. Still hearing rumors of beans and meal on its way to the US. The South American harvest still rolls on but premiums seem to be eroding, with the 2nd crop of beans looking OK.
Wheat: 5-10 Lower
Wheat was struggled yesterday as weather improves the US wheat growing areas and in Australia. Overnight the market traded lower on fund selling, curious if the dryness in Winter Wheat areas has run its course. Farmer selling has been really quiet for awhile.