We look for milk to open higher.
Grains largely chopped around yesterday with beans showing the strength.
Corn prices sagged throughout the day and the chart is looking rather sluggish to the downside. The corn harvest was reported at 93 percent this week vs. 87 percent last week, 98 percent last year and 82 percent on average.
Beans were reported 96 percent harvested vs. 92 percent last week, 98 percent last year and 94 percent on average.
Winter wheat was reported 50 percent harvested this week vs. 49 percent last week, 46 percent last year and 56.8 percent on average. Look for outside markets to pull the grains in the short term and for technical trading to give it a push.
We look for corn to open 2 to 4 higher, beans to open 11 to 14 higher, meal to open 3 to 4 higher, and wheat to open 1 to 3 cents lower this morning.
Daily CME spot market prices:
Block cheese $1.960 (up 1 cent)
Barrel cheese $2.0075 (UP 2 3/4)
Butter: $1.74 (unchanged)
Grade A NFDM: $1.4375 (UP 1/4)
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