Officially weather season. Corn market recovering nearly everything it lost
yesterday. Same for soybeans. Both opened near unchanged and have firmed to
as much as 14 and 17 3⁄4¢ respectively.
Weather forecast back to drier. Best rain chances in the 6 – 10 outlooks are for southern areas. Central areas drier than yesterday’s run. Moisture stresses build the next two weeks Iowa and areas north and west. Temps in the mid 90’s at least for a large part of the belt with triple digits in far NW.
At 0600 CN21 trading 13¢ higher at $6.75 on modest volume. SN21 18 1⁄2¢ higher at $15.67 3⁄4 with vol on the lite side of recent activity. MN wheat also recovering yesterday’s losses up over 13¢ this morning. MN wheat saw a near 43¢ high to low swing yesterday.
Rain relief expected in S. 1/3 Brazil safrinha corn next week more limited, extending late yield loss in remaining dry 1/4 of belt. Next week all eyes on what USDA prints for Brazil production figure. Colleagues in Brazil have it under 90 mmt. Last USDA estimate at 102 mmt.
Dow futures a scratch lower this morning at 34,566. Crude 26¢ higher at $69.07. US $ Index also little changed.
Weekly ethanol production the highest level in more than 14 months.
It has been six years since CME Group shifted from trading agricultural commodities mostly on the floor of the exchange to Gobex, its electronic trading platform.
SXSF trading 1 1⁄4 - 1 3⁄4¢ carry overnight.
Weekly export sales delayed from yesterday out later this morning. Trade has a wide range of corn expectations. The high side approaching 900K tonnes. Soybean sales could see some cancellations.
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