Markets recovering some of the quick, late sell off seen yesterday on “news” there will be a meeting with Chinese trade officials yet this month? At 0600 CH19 up $0.01 ¾ at $3.80 ¾ with SH19 up $0.04 ¼ at $9.14 ½. Chi and KC wheat each up $0.02 ½.
Dow futures 85 points higher at 24,475. Crude oil trading $040 higher at $53.41. US $ Index near unchanged.
Solid week of exports reported with weekly totals for corn at 1.108b mmt and soybeans at 1.11 mmt.
Only isolated showers noted in Brazil yesterday. Drier conditions prevail with a large area of developing crops under stress. Crop getting bigger or smaller? Today would have to say the former.
US Corn fob values remain competitive in world markets and with concern toward Brazil corn production, exports totals at already record levels could inch higher?
Have been monitoring CUCZ for some time for the opportunity to reposition some new crop corn hedge. Spread flirting with the 3-cent level. For those more risk tolerant the CNCZ trading at $0.05 ¾.
Winter storm pulling through Iowa yesterday kept a lot of trucks parked. Particularly in the central and eastern part of the state.
Trade continues focused on Tweets / headlines on Chinses trade news and weather developments out of South America