Corn: 2-3 Lower
Corn struggled in the overnight yesterday and then traded on both sides before settling on the positive side. May was up 4 ¼ and December up 4 1/2 . Both closed at the $5 mark. The spread between May and July contracts is getting a little smaller at 5 ¼. 8.7mbu was cancelled by China last week, indication is that it was tied to GMO issues. Precip in both the ECB and WCB, with a few inches of snow in Minnesota and E. SD.
Soybeans: 5+ Higher
Soybeans gained some back yesterday after previous day’s losses. May closed up 13 and November was up 5 ½. Export sales still remain positive. Argentina is around 10% done with harvest and Brazil is about 85% with the first go round.
Wheat: 5-10 Lower
The wheat market finally had a decent day after losing in the range of .50 in the last 2 weeks. Minn closed up 8 ¼ and KC 5 ¼. But overnight lost the momentum on lack of buying interest. Southern Plains received some moisture this week and snow in parts of the north, but the big question remains if it is enough. Many areas still remain dry. The last Nov crop report had all classes of winter wheat rated above the 5 yr ave. But on the first Crop condition report since than on Monday will show deterioration due to a harsh winter and dryness in the western half of HRW area.