Weather is becoming an important topic for North American crops. Temperatures plunged into the low 20's throughout most of Kansas, N & S Dakota, and much of the Hard Red Wheat growing areas. Like our area though the snow cover did not last long as temperatures quickly recovered. Wheat started the day out up 10-15 cents but closed poorly, down 17 cents as morning fears of crop loss gave way to better temperatures. Corn gave back all of it's Thursday, Friday, and Monday gains today as the old adage "It goes down a lot quicker than it goes up" reared it's ugly head. USDA Supply and Demand report out Thursday with trade guessing up to 50 million bu of corn could be added to carryout due to less animal feeding and 10-20 mbu taken off the soybean carryout due to ever present export market.
There is no official weekly progress report out on corn yet but those will be watched every Monday when they come out and are expected to be behind normal, I did however see a press release today for John Deere's 48 row 30 inch planter that spreads 120 feet and can plant 90-100 acres of corn an hour under good conditions, so worry over a slow planting start could be mitigated quickly. DOW dn 186 pts and Crude dn $2.00 didn't lend any support to grains today.
Scott Meyer
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