Corn and Beans Steady, Wheat Down for 9th Day
After being under pressure since last Friday’s USDA Supply Demand Report corn and beans are about unchanged today. With wheat down for the 9th day in a row and down about 70 cents a bushel you have to think we will see a bounce soon. Gordy said on our market report at 11:15 that there is a lot of “spread” trading going on today. Some of the funds are unwinding the long old crop beans short new crop beans plus some of the Index Funds are rolling out of the nearby contracts into the new crop on both corn and beans. Wheat is still under pressure because K C Winter Wheat did pick up a little rain and there is more “maybe” this weekend. The market does not seem to be concerned about the cold wet weather here Minnesota or most of the corn that has not been planted yet. It is difficult for farmers here to see the price go down while we wait for better conditions to plant a crop. The attitude of traders in Chicago is, Minnesota doesn’t matter, only the ”I states” do. Someone should remind them that Minnesota ranks 3rd of 4th in corn and soybean production every year!