Good afternoon producer! Wild trading day today as corn had a 13c trading range and beans moved 9c. Wheat moved 18c. All finished in the green.
Corn +9 @ $6.38
Beans +1 @ $12.72
Wheat +11 @ $ 6.44
Overnight markets were down. Strong US $ and weaker crude had a bearish tone. Euro markets were weaker as well. As the day progressed, the outsides helped commodities work off the lows. 175k ton US bean sale to China happened early which helped. US corn export sales were impressive on the week. Beans and wheat sales were light. South American weather remains variable. Depending on sources you will get varying reports. Overall, conditions have improved since a month ago. Greece austerity measure compromises were followed by profit taking yesterday. Those influences cascaded into European trade today.
Tuesday's bearish corn trade could be made back tonight. Bullish sentiment and moment may carry into tomorrow's trade. Traders and producers would like to see a rally. This would probably shake bushels loose as basis levels remain strong. Setting basis on an HTA contract is still a good decision. Nearby river corn and bean basis is strong.
ND