Grain prices were under pressure through most all of the day with the stronger dollar pushing corn, soy and wheat to post double digit intra-day losses. Late in the day, however, corn prices turned around and pulled with it the soy and wheat prices on news of economic recovery plans in Europe.
After the close yesterday, FCStone survey results came in pegging corn yield at 148.4 bushels vs. 148.7 last month, perhaps easing some fear of sharper yield cuts from the USDA next week. Soybean yield came in at 42.2 bushels vs. 42.8 bushels in last month’s report. Each of those numbers a bit of a surprise on the downside to us based upon most reports we had been hearing, but later-planted crops have been well underperforming early results. It seems unlikely these estimates will have much of an impact on price with Informa released later this morning.
Overnight grain prices were mixed, with corn and wheat down 2 to 4 cents while beans were up just the opposite 2 to 4 cents. By this morning, grains were green across the board as the dollar is dipping slightly and the Dow is actually posting slight gains.
We look for corn to open 1 to 3 higher, beans to open 9 to 11 higher, meal to open 2 to 4 higher, and wheat to open steady to 2 higher.
Daily CME spot market prices:
Block cheese $1.7800 (up ¾ cents)
Barrel cheese $1.7800 (up 1 ¼ cents)
Butter: $1.8800 (unchanged)
Grade A NFDM: $1.430 (unchanged)
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