MarketEdge PM Comments

(Allison Ryan)

Corn and beans pushed higher midweek, while wheat was in the red. March corn was up 5, and new crop was up 3¼ . Nearby beans were up 2¾ and November was up 5¼.
 

• A little technical buying and short covering of corn and beans occurred today after last week’s record short position- three days in a row corn has closed positive
• Ethanol production last week was still over the 1 million barrels a day mark
• South American bean production continues to be a real question mark; however, the conditions are ideal for the second crop corn planting, which could be harmful to corn prices
• Nearby basis continues to remain mostly firm, with processors trying to drum up business through basis with near low futures
• Tomorrow is first notice for March futures; as a friendly reminder, if you have March basis or hedge to arrive contracts, they must either be priced or rolled tomorrow
• The Dow was lower, crude was down, and the Dollar was firmer

 
Have a great evening.