Good Morning,
A fairly quiet start to the morning. Beans +5, Corn -1 ½, Spring Wheat -3 ¼, and Winter Wheat -4 ¼. The dollars a little weaker this morning and crude managed to stay above support last night so we may see some gains there.
Corn is seeing a little pressure after the strongest harvest weekend of the year. Most expecting this crop to be 45% harvested or better this afternoon. Lack of export news is not helping prices. Beans remain strongest today with USDA’s smaller crop size on Friday. Slow planting in parts of Brazil is also a plus. Looking for this crop to be 65% harvested tonight. Wheat continues to struggle with an overall strong dollar keeping us uncompetitive in a market that is supply laden. A Saudi Arabia purchase of 740,000MT of hard wheat in an international import tender Friday may lend some fundamental support.
Lack of farmer selling at the present is supportive: however, we may see some pressure in the near future as harvest moves forward and space fills up.
