Home Market Market Watch Midday Update

Midday Update


Midday Update

* At midday, corn is +3, soybeans are +21, Chicago wheat is +11, KC wheat is +9, Minneapolis wheat +6, May feeders +.450, Jun fat cattle -.200, May hogs +.450.
* Lots of excitement around the rally, not a lot of news, leads us to believe the funds are establishing more long positions in soybeans and other grains are following along. Weather premium being priced into this new crop now as some forecasters have said the El Nino change to La Nina may happen sooner than originally thought by them.
* USDA did announce a private sale of 9.5 mln bushels of corn sold to an unknown destination. Soybeans were also sold to Mexico of 14.0 mln bushels for the next marketing year.
* Brazil’s DERAl estimated the second season corn crop now at 90% good to excellent condition, which is down from last week’s 93%.
* South African Grain Info Service noted for the first time since 2004 US Corn was imported.

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