Good morning,
Corn is up 1 and soybeans are up 10 to start the day.
Corn and soybeans had a bit of a setback yesterday. Both corn and beans are still above their recent lows. Beans have a slightly friendly look, but stiff overhead resistance in the $9.90 to $10.00 range looms ahead. Wheat put together a couple of good days, but is lower in the overnight session.
Various news wires reported yesterday that Chinese officials have met with major grain importers to ‘suggest’ that they should prioritize domestic grain purchases vs. those coming from aboard. Domestic grain prices are suffering, and this is an attempt to help support them. Milo and Barley were the main focus of the discussion, though corn prices are also suffering multi-year domestic price lows. They have been stockpiling certain crops as prices have moved lower.
Private consultancy AgRural yesterday reported the start of 2024/25 first-crop Brazilian corn planting, at just over 4% complete this week; that’s down from 7.5% on the comparable date last season. First-crop plantings are seen down 3.5% from last season due to low prices and La Nina concerns.
Look for the markets to trade sideways to lower heading into the three day weekend.
Have a Safe Day!
Garry Gard
920-348-6844
