Good morning!
The markets ended up mixed overnight, with soybeans trading higher for most of the session only to fall back towards steady at the 7:45am pause while corn followed a similar – but less volatile arch. Soybeans once again made new contract highs last night, it will be interesting to see if they try to test those again during the day session today.
The weekly export sales this report came out this morning and sales made last week were about as expected for both corn and beans. There were once again extremely small but still net positive old crop export soybean sales made last week. AKA – no cancellations. This should support old crop beans once again.
The 6-10 day forecasts (at the bottom of this email) show above normal temps and precip for next week for most of the Midwest. Sounds like rain this weekend followed by warmer temps – which isn’t all bad. This forecast is viewed by the trade as favorable for planting this spring (read: a little bearish to prices). You will also see in the new drought monitor released this morning that parts of Iowa are seeing improvement – and with rain coming this weekend hopefully that will continue.
*** REMEMBER – NO MARKETS TOMORROW ***. The CBOT is closed for the Good Friday / Easter holiday. They will resume again Monday morning.
Have a great day and weekend!
@fccoopgrain
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