Record planting progress, great weather, and a much lower stock market all contributed to corn and beans down 5 and 16 cents respectively. Crude oil has even gotten into the game today as it is down $2 a barrel. December 2010 corn futures finished at 3.69 and marks the lowest close since Sept 22, 2009. All market news seems to be concentrated on the weather and planting progress with both being extremely bearish.
US stock markets fell today as Greek and Portuguese debt was downgraded to basically JUNK by market analysts. The Euro fell to a 12 month low against the US Dollar so any of you wishing to take a European vacation for bargain US dollar prices should start looking into it. Goldman Sachs execs were on capital hill today and faced grilling on how they traded through the housing bubble and made billions off the collapse. Explanations must have been good enough for wall st. because on a day when the dow is down over 12o pts, Goldman stock rose over 1%.
Cash corn market basis levels are at great levels vs May 2010 futures contract as the pipeline tries to originate movement in the presence of record field activity.
Scott Meyer
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