A classic "Turn-Around-Tuesday" in the grain markets today led by the weaker US dollar. The S&P today reasserted it's credit rating of Greece even though there has been no official bailout from the European Union finance ministers. The news did prop up the euro against the dollar and made for stronger commodities. Ethanol margins continue to run in the RED as over supply has hurt that industry. Crude oil remains relatively high at $80/barrel and with corn near $3.50 you would think ethanol margins would be better. This ratio does lend to blending more ethanol so lets hope we can see progress made for this 15% blend.
Soybeans perked up today and closed up 15 cents as the annual Argentina port/worker strike has surfaced. So far business is as usual but tensions are always high down there at this time of year. Harvest progress in Brazil and Argentina will be slowed due to rains forecast for the remainder of the week and may give us a chance to export a few more soybeans.
With the record fall/winter precip across the Dakotas, Iowa, and much of the corn belt, it is no wonder that river flooding is rearing it's ugly head as temperatures rise. The poor people along the Red River in Fargo ND are again looking at record water levels along with agricultural and residential flooding due to the tremendous snow melt going on there. Most of Iowa and up and down the Mississippi River are also showing moderate to major flood conditions.
Scott Meyer
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment