Overnight action is mixed with Corn +1 ¼, Beans -1, Spring Wheat +3 ½ and Winter Wheat +2 ½. Most traders are playing to the same old tune this morning as the dollar is higher and crude is again under pressure. Corn and soybeans probably have a small sense of euphoria going with the EPA biofuels mandates about to be released with rumors they will raise the ethanol mandate. Expect this out on Friday (or maybe Monday). Brazil weather continues to bring rains. US Winter Wheat country continues to see rains. Egypt bidding for wheat today, France is the lowest bid but Russia is still competitive.
On a side note: The UN warns the earth will warm 6 degrees if we continue business as usual. If we make stark changes it will only warm 2 degrees. Think it’s time to go long suntan lotion :>)
Markets closed tonight – reopen Friday morning at 8:30.
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