The grain markets are starting off mixed this morning with soybeans and wheat trading lower while corn is trading higher. Friday’s stocks report was bullish corn – pushing it limit higher, and that strength is continuing into today. This lower ‘carry-in’ into the 12/13 crop year just means that the October crop production (and S&D) report will be that much more important for corn. The market hopes to find additional yield/bushels in that report because without that – demand may need further rationing. One other note – because corn closed limit higher (+40c) Friday the limits today are expanded to 60c – although it doesn’t appear we will be testing that.
Soybeans were reluctant followers of corn on Friday and are giving some of their gains back today, down just over double digits. But after putting 30c on beans Friday, only giving a third of that back is probably a good sign that we may be putting a short term bottom in the soybean complex.
This afternoon we will get to see the USDA’s weekly harvest progress report – it should show corn over half completed across the US.
Currently
Corn is 4 to 6 cents higher
Soybeans are 10 to 12 cents lower
http://www.fccoop.com/markets/information.cfm
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