Grains a little higher today
After a big up move in beans Monday they opened a little lower this morning. However they quickly turned higher when the USDA announced a soybean sale of 568,000 MT of old crop beans sold to an unknown destination. When you see unknown destination many assume that is China. So, instead of canceling beans bought from the United States and moving them to South America we continue to sell more beans! That might be because of heavy rains in Central Brazil. I saw some pictures being emailed around this morning with a lot of flooding in Central Brazil. Mature beans standing in water, roads under water and so on. That has to make exporting beans a real challenge! In addition the weather there might be supporting corn too. Many Farmers plant a second crop of corn after they harvest the beans. Makes it difficult to plant corn when it is that wet with flooding rains. I guess you could say we know what that is like after the tough spring we had last year!