Quiet overnight session with both corn and soybeans trading in a tight range. The only thing being talked about this morning is the outside markets which are a touch positive. Crude is currently up 50c, the dollar down 389 points, and equity markets up. The equity markets firmer note is provided by Moody’s decision to leave Spain debt rating where it is after some debate to downgrade them to junk status. The US became a net importer of Ethanol for the first time since Oct. 2009 as we imported 98 m/gal in August while exporting 50 m/gal.
Brazil planting seems to be on pace with Mato Grosso estimated to be 18-20% planted, slightly down from last year’s 23-25%. Parana is 25% planted vs. 30% last year. A small delay in planting is expected in the next 10 days while rains move across much of Brazil.
-On a side note the CME has decided to purchase the Kansas City Board of Trade(KCBT) for $126 million.
No comments:
Post a Comment