Corn exports this morning came in at 31.2 million bu -just above expectations, soybean sales were at 5.7 mbu - below the 15-26 expected, and all wheat came in at 10.5 mbu with 13-17 expected. Crude oil dn $1.77 today and the Dow Jones down 270 points at 6600 at time of writing. Harvest is rolling along in Brazil with adequate yields being reported. Soybean demand is concentrated to China as they continue to build stocks to fight food inflation. Corn and soybean basis were again firmer as the board of trade was lower, there seems to be a pattern to that forming.
Oil industry insiders and traders see OPEC continuing to cut production with some 80% of members abiding to agreements on cutting production.
Funds 03/05/09
sold 3000 contracts corn - position now long 6000
sold 3000 contracts of soybeans - position now long 11,000
sold 3000 winter wheat - position now short 19,000
Scott Meyer
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