The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Andy is a seasoned grain market analyst and the senior account executive at Walsh Hedging. His main focus is assisting producers and end users to better hedge their investments through his various market strategies over his years of experience working on the grain floor.
Good afternoon. The grains closed mixed after a quieter day compared to yesterday’s late day sell off. The outside markets were positive today since the Euro zone was on the back burner of any news headlines. May wheat finished the day up 2 ¼ at 628. Wheat was up 8 cents overnight as cold weather across the southern Corn Belt had traders worried about any crop damage. The 7-10 day forecast has warmer temperatures in the Corn Belt but it’s way too early to say we’re in the clear. May corn didn’t have the aggressive long liquidation selling like the trade witnessed yesterday after the USDA left its domestic corn stockpile projection for the end of the marketing year unchanged at 801 million bushels. The decision not to cut corn supply estimates might mean there isn’t a need to keep pushing prices to ration demand. May corn finished up 1 ¼ at 636 and new crop was up 3 ¼ at 546 ¾ for the day. If the forecasted rains fall across the Midwest over the next 6-10 days, it might have a negative effect on prices as it has gotten quite dry in a large portion of the Midwest.
No comments have been posted to this Blog Post