These grain markets continue to make me scratch my head. Even though we are still with in the upper end of a relatively defined trading range (July corn 3.53 – 3.78) this market is somewhat puzzling. The fast start to corn planning and in some cases the end of it should be pressuring this corn market. Typically the earlier we get the corn planted yields tend to be above the trend line. Corn is emerging. We may even see more acres of corn being planted when the USDA issues their planting number in June.  The news in recent days with China booking some corn has brought some new longs to the market. Will China and the funds continue their buying? We have also heard some issues with China’s growing season being a little wet and cold. US weather shouldn’t be an issue in the short term. Corn basis may get weaker if this corn market wants to keep running higher. Outside markets also continue to affect the grains. The dollar has hit new highs this week but off a little today.

 

The soybean planters are running again before the scheduled rain event this evening. Is it too early? Time will only tell. If we have to replant, at least we should have time to get them planted again. Not much news in the bean market. Today the beans are along for the ride with the corn and wheat market. Around the first of May we start hearing about strikes or possible strikes in Argentina. Today we sold China a few more beans. This sale may get rolled to new crop. Several bean plants (Cargill IF, AGP EG) will be closed for bean deliveries due to yearly maintenance down time.

 

 We do have a few Stine RR seed beans on hand. One number is 1932-4 and the other is 2420-4. We have them priced at $37.50 a unit. 

 

Have a great weekend and attend the church service of your choice.     

             

Bob