Grains Holding Today
Are the grains ready to run? I guess not yet but, at this point we are not giving back much of Tuesdays big gains either. The USDA announced this morning a sale of 185,928 MT of old crop corn and 50,800 MT of new crop to an unknown buyer. The dollar is a little weaker which is also providing some support. I read a number of places this morning that the basis was weaker today because of “farmer selling” after the rally Tuesday. Maybe somewhere but the elevators I watch the basis was unchanged. Also read “traders” are concerned over continuing high temperature and dryness in Southern parts of Brazil. The weekly export sales report is out tomorrow morning and it should have pretty good numbers.