We haven’t been able to say this for a little while, but our markets are higher this morning. Yesterday the soybean market made a big comeback, early in the session they made new lows for the move and the came all the way back and closed around a penny higher. Technically this could be viewed as a reversal and is a sign that the selling is done for now.
The outside markets are helping continue that positive momentum -- overnight the European markets bounced higher, weakening our dollar and strengthening all commodities.
This morning the USDA released their weekly export sales report. The trade was already expecting a big export number on soybeans (around 30 million bushels) and they came out with a whopping 47.6mb! This is no doubt friendly and beans are currently trading near their highs of the day. Corn exports came in in-line with expectations, which weren’t much.
The extended weather forecasts have turned wetter for mid-month. Decent (1-2”) rains could show up across the belt, helping replenish the bone-dry soils in Iowa and Illinois.
Currently
Corn is up 5 to 7 cents
Soybeans are up 28 to 30 cents
http://www.fccoop.com/markets/information.cfm
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