Good afternoon bloggers! Market shot up immediately at the open and slowly climbed into double digit gains. Buying slowly subsided and commodities settled down to modest gains. Beans had a strong finish and closed near the highs of the day.
Corn +8 @ $6.39
Beans +24 @ $12.53
Wheat +12 @ $6.42
Greece austerity measures were played up and definitely helped the market. Stronger Euro, weaker US $, and strong crude helped. European markets are finding strength due to Greece's vote last week. Though highly unpopular with the Greeks, the plan has given investors a little hope.
South American crop stresses and tensions have eased due to rains. Production numbers are expected to plateau as rains are helping crops in Argy and Brazil. Ukrainian and Russian wheat news has subsided. Export inspections this week are down which seems to be the trend. Exports numbers leave much to be desired. This morning I saw NASS estimates for cash rent prices in Illinois. DeKalb county averaged at $216. Grundy county at $202. Macon county was highest at $260.
Stay classy,
ND