Corn dn 5
Beans up 1
wheat dn 19
A rough close to the week for the corn and wheat market. We started the day out on a strong note with the announcement of 240,000 mmt of corn sales to Egypt, but momentum quickly faded. Outside market were negative today with a stronger $, and weaker crude, gold, and stock markets. An interesting note out of China today, an official commented that he believed GMO corn will likely be approved for commercial planting in 2013, this should help China's yield considerably.
Soybeans held their ground today after an announcement of 120,000 mmt of beans to China. Heavy rains in Argentina recently will certainly benefit double-crop beans there, and many believe the 48 mmt production number put out by the USDA yesterday will be the smallest figure we see from the USDA and the crop can only "grow" in the future.
Scott Meyer