Corn traded both sides overnight with surging wheat market dragging corn into the green. CIF corn values continue to firm with March slot trading at +90H yesterday. Concern about Ukraine corn exports being disrupted if war breaks out in Ukraine with a Russian invasion is supporting US corn values.
March/May inverse hitting +4.75 inverse yesterday on the strength of CIF and concern of disruptions out of Ukraine. Brazil's CONAB estimates that 7.7% of the summer corn crop is harvested and is 2.7% ahead of year ago. Path of least resistance remains higher for now with eye on the energies/equity markets.
Soybeans are slightly lower in choppy trade as weather maps remain favorable for rains in Argentina and Brazil areas. Stronger wheat and corn markets giving some support though with support in March beans at $13.90.
Save the date Feb 7th, for SEC Marketing and WDG meeting at "The Ridge Golf Course".. Meeting will begin at 10:30am and lunch will be served after the meeting.. RSVP with Tom at 712-722-3906..