MidCo Morning Comments

Good morning. Corn and soybeans are little changed this morning as support from harvest delaying rains is offset by the record size of both the corn and bean crops. The Dollar is lower this morning.  Wheat is modestly higher on reports that Russia has withdrawn from the export market. Taiwan overnight bought 80,000 MT’s of U.S. wheat for November/December shipment and  South Korea bought 36,500 MT’s of Australian wheat for Feb/March shipment. Heavy rainfall of 3 to 5” fell overnight from central Missouri into South Central Illinois and more rainfall is expected across the Eastern Midwest through early tomorrow.  Traditional funds are now long 77,600 corn contracts and short 28,000 soybeans and 76,700 wheat. We are overdue for a bounce up as corn and beans are oversold, but any rally will likely be quickly sold.

                                               2014/15                                   2015/16

Corn 25.1 1.9
Soybeans 31.9 0.8
Wheat 27.2 0.0
Soymeal -26.8 (2013/14) 259.3 (2014/15)
Soyoil -3.4  (2013/14) 27.2  (2014/15)

Hugh Whalen|Commodity Risk Consultant | MID-CO COMMODITIES, INC.| Ph: 309-557-6010 | Fx: 309-828-2822| hwhalen@mid-co.com

Print Friendly, PDF & Email

Comments are closed.