News leaders today in the grain market were "Swine Flu" and "China cancelling sales". Swine flu continues to spread to more countries with the United States Secretary of State releasing a travel recommendation against non-essential travel to Mexico. The pork industry continues to be hammered no matter the fact of how this flu is transmitted "human to human". Swine Flu weighing on futures but the wet fields of the Midwest prevailed today as corn finished 3 cents higher. Corn basis continues to remain strong as futures have backed up and many are looking to drive tractors instead of grain trucks for the upcoming month.
Talk on the trading floor today of China cancelling 4-5 old crop bean cargoes had the market on the defensive today on the nearby months. Many traders are already starting to pencil in a few more bean acres in the eastern corn belt due to the slow planting pace.
Scott Meyer
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment