A little late on the Tuesday blog, my apologies. Corn down 8 cents on tremendous fund selling with reports of up to 12,000 contracts being sold. The weather pattern is looking good so far with a couple of systems due in the next 10 days but most of the heavy rain will favor the southern part of the US. The rivers in the Dakotas, Iowa, and Minnesota have pretty much all crested and if the spring rains stay a normal pace, things should slowly start to recede. A couple of corn planting progress reports, Mississippi 33% complete vs 22% average, Louisiana 40% complete vs 42% average, and Texas 38% complete vs 40% average.
Soybeans held their own staying unchanged on old crop but faltering 10 cents on new. A new crop sale of 120,000 tons to unknown destination were announced before the market opened. Traders are eyeing the Mar 31 USDA report as both corn and soybean planting intentions are to be released. Some traders are looking for our current 190 mbu carryout of soybeans to shrink to near 150 mbu before everything is said and done due to tremendous exports. If so that will put more support behind new crop prices to insure we don't dip down any farther next year. Brazil is expected to be 70% done with harvest by week's end.
Warmer drier weather forecast next week and SA harvest should keep futures on the defensive leading into the Mar 31 report.
Scott Meyer
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