The word of the day today is “China” as the Peoples Bank of China has injected 42.14 billion $$ into their money market overnight. All of this is an attempt to spur their slowing economy – China’s stock market is up 2% after this announcement. Also, China is rumored to have bought (or has interest in buying) additional U.S. soybeans, which has the soybean market sharply higher. U.S. soybean meal basis has firmed up as well and sure enough: rumors of meal exports are floating around.
Other than that, the newswire is quiet. The USDA S&D report is out Thursday morning, the weekly harvest progress will be out this afternoon.
Currently
Corn is up 4 to 6 cents
Soybeans are up 12 to 15 cents
http://www.fccoop.com/markets/information.cfm
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