MidCo Morning Comments

Good morning. Corn and soybean markets overnight  continued their strong rallies from yesterday. Beans are leading the way higher, supported by a strong export pace and by higher soymeal futures. Commodity funds buying continues.  Last week’s export inspections were right at 80 million bu. and seemed to remind the trade that the U.S. is projected to export a record amount of beans this year. Soymeal is benefiting from strong basis levels for cash meal, particularly in Central Illinois as farmer selling of new crop beans has been limited and rail transportation problems persist. Corn is benefiting from talk of fewer acres next year. Corn harvest is estimated at 46% complete nationwide and beans 70% done. 84% of the winter wheat crop has been planted. Weather for South America still looks good for planting and early development of the corn and soybean crops. The Midwest will see favorable harvest weather for the next week before rain returns next Monday/Tuesday. Markets turned from lower to higher after the 8:30 reopen yesterday, will we see the opposite today?

6 to 10 Day Outlooks

Temperature

6 to 10 Day Outlook - Temperature Probability

Precipitation

6 to 10 Day Outlook - Precipitation Probability

8 to 14 Day Outlooks

Temperature

8 to 14 Day Outlook - Temperature Probability

Precipitation

8 to 14 Day Outlook - Precipitation Probability

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

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