MN Broker Corn & Soybeans Traded Sideways Last Week [Listen]
Commodity Broker Gordy Kralovetz with Chiodo Commodities said corn and soybeans traded sideways last week and that was a moral victory! It was great to see export sales for corn and beans really increase again last week. That trend has been obvious since harvest began this fall. Maybe export sales dropped off late in the marketing year because there were none available. Now more than half way through harvest they are available?
Another sign stocks are tight is the basis levels all around the Midwest. They are very tight and in some cases even positive which is very unsusal during the fall harvest. That means feedmills, ethanol plants and the export market are all bidding up to get position of corn and beans.The market is also watching the planting season weather in South America. They have a very wide or long planting window to get their corn and soybeans planted.
The weather is less than ideal but it is not bad either. However, there are predictions for a warmer and drier growing season in South America. Click on the link and listen to Gordy talk about the grain and livestock markets last week.