Grain Marketing Specialist
Corn: As of 7:45- 1 higher
The corn market continues to inch higher overnight as fund activity seems to active as harvest ramps up. Early yields see to be mixed to a little better than expected. Overnight we tested the recent high of 3.54 CZ7 next levels of I am looking at are 3.58 and 3.62. The fact that levels are only 4c apart highlights just how inactive this trade has been. Good carries in this market with CZ8 trading at $3.98 this morning- worth looking at if you ask me. Also with the low volatile we are seeing makes corn options relatively inexpensive, minimum price contracts look to be a very good alternative to delayed price. Be ask sure to ask your Grain Marketing Specialist about more details!!!
Soybeans: As of 7:45- 6 higher
Harvest pushes forward as many are wrapping up here is the west. Harvest pressure and SA weather noted for the move lower yesterday. Looks like some rain forecasted for Brazil but let’s see if it ends up being reality… As with corn this market showing carry with SX8 trading at $10.02 this morning.
Wheat: As of 7:45- 3 lower to 1 higher
Unfortunately, this market has very little to talk about today with the focus being on row crop harvest. Same ole story about ample US and Global stocks keeping the market within a dime of contract lows. Weather looks favorable for planting progress as well.