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| At mid-day the fun continues in the bean market. Things are just the opposite today. July soybeans are retreating on rumors that China might be cancelling 3-4 cargoes of US soybeans. July soybeans are 65 cents off yesterdays highs, and the July/November spread is falling fast, as new crop stick near even par. Corn and wheat are in the red, but holding tough near unchanged on light volume ahead of the long weekend. The USDA announced 180k mt of US new crop corn to China this morning. Chinese prices remain firm making US new crop a big bargain. Planting progress may possibly pick up over the weekend with small windows for farmers to get into the fields, but the trade doesn’t seem concerned. June options expire today at noon. At mid-day corn is down 3, wheat is down 5-6, July beans are down 22 and new crop is a penny or two in the red. | |
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Mid Day Grain Recap
