7-2-2009

TGIT!  The overnight markets were lower.  Corn was called down 4-6, beans down 10-15, and wheat down 3-5 cents.  Most markets around the country were negative today and the grains felt that pressure as well.  I guess traders didn't want to go home overly exposed before the holiday weekend.  Weekly exports were pretty good in both beans and corn today.  But those numbers were ignored.  The Dollar was higher all day, which kept pressure on most worldwide commodities.  Crude oil was down more than $2/bbl, trading below $67.  Gold was down about $10/oz.  The Dow Jones was down about 210 points, on more bad unemployment numbers released this morning.  Alot of technical selling near the end of the day.  Funds were big sellers of about 9000 corn, 4000 beans, and 3000 wheat contracts on the day.  The weather is still favorable for crop development.  Informa came out with their USDA supply and demand estimates.  They have corn yield for the country at 156.3 bpa, vs the USDA's June number of 153.4 bpa.  Their bean estimate is 42.0, vs the USDA's of 42.6 bpa.  Those numbers were seen as negative as well.  Nearby cash bean basis weakened a dime this afternoon as the new crop-old crop bean spreads narrowed.  If the markets are to come back,  we are going to need some serious weather scares and we need them fast.

Notice!!! The CBOT and the offices of Heritage Grain will be closed on Friday, July 3rd in honor of Independence Day.  Normal hours will resume on Monday.

Have a good weekend and a Happy Independence Day!!! 

Cory

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