Grains are under pressure at midday:
Dec Corn – 7 cents/bu (5.51)
Nov Soybeans – 26 cents/bu (13.51 3/4)
Sept Chi Wheat +2 cents/bu (7.07 1/4)
Cdn $ -0.00195 (80.200 cents)
WTI Crude Oil -0.11/barrel (73.73)
Lots of selling off is occurring today as we move into the weekend, and the end of the month. Bullish short-term weather forecasts turned slightly bearish this morning as rains are predicted to spread through the heart of the corn belt today and tomorrow before moving south on Sunday. Dry conditions are on tap for next week, before rain chances re-appear in the 11 to 15 day.
Yesterday’s 3rd day of the Wheat Quality Council Tour resulted in scouts projecting the North Dakota state average spring wheat yield @ 29.1 bushels per acre, the lowest on record going back to 1993. The projected yield is down from the 5 year tour average of 43.6 bushels per acre, yet is 1 bushel higher than the current USDA projection of 28.0 bu/acre.
Otherwise, the markets this morning have been fairly quiet!! The funds report will be released tonight after the market close.