Tidbits
Yesterday’s weakness for corn and beans was a result of speculative profit-taking after four days of gains earlier in the week, options expiration, and merchandiser pre-hedging in the corn. The weakness in wheat made no sense at all.
Yesterday morning, USDA announced the sale of:
116,000 mts of old crop soybeans to China and
136,000 mts of old crop corn to Mexico
Since Monday, the US reported “flash” sales like the above notice totaled 1.347 million mts of beans (49.5 million bushels) and 628,000 mts of corn (24.7 million bushels).
Rain fell across much of the hard red winter wheat-growing areas this past week, though spotty coverage and not enough to prevent further degradation of the crop across most of the Southern Plains. The heart of the Corn Belt is expected to receive 1 to 2 inches (254 to 508 mm) this weekend, some of which fell yesterday.