1/28/15 The markets were bleeding red once again today with wheat taking the biggest hit while corn wasn’t far behind. All week this far corn has seemed to have been on the ropes just waiting for the knockout which could be what we seen today. Nearby corn plummeted down 8 by the end of close which saw it close 2 pennies below the March contract support level of 3.75 which it hasn’t seen since October 24th. Funds were sellers of 5,000 contracts as December new crop made the move lower down 7 after trading in a nickel window for the day. Big story on corn is about the same with the beans only instead of South America taking the import business away from the U.S. it’s been Ukraine which as of late has been becoming a world corn competitor. March beans closed the day out down 3 ½ as November new crop was a penny more, down 4 ½ cents. South America continues to cast a dark shadow over the bean market as early harvested beans are reported to be 5% higher than last year’s yields with Brazil anticipating a 94-96 million metric ton crop with Argentina estimating another 53 million metric tons. Evan
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Light mixed precip Thursday in the Great Lakes area and elsewhere in the eastern Midwest. Elsewhere dry conditions prevail. » More DTN Weather Commentary
