|
Israel's war cabinet met for a third time to decide on its response to Iran's weekend barrage of missiles and drones. The war cabinet decided yesterday that there would be a response, but it is still debating what that response should be. That uncertainty put some risk premium back into the market this afternoon for corn and wheat as we pulled off our lows to close.
The $USD strength continues to weigh on the commodity markets. When 1 $USD becomes worth more than other currencies, it in turn makes our exports more expensive. Even a month ago when the $USD was significantly lower than we are now, the U.S. was still struggling to remain competitive with Brazil. This currency element is increasing that price disadvantage.
Despite news being quiet, ranges for soybeans and wheat were substantial, but corn continues on its TIGHT sideways walk with a range of just 3 3/4 cents all day. May Soybeans took out last weeks lows which triggered some technical selling during the day.
Funds were thought to have been all sellers.
Did you miss our midday commentary? Starting today, we have switched to sending a shortened midday commentary/prices by text ONLY. (Opening and Closing to remain on email for the time being). We are also looking at using texts to communicate any grain prices/specials that might be being offered as well. This is an effort to try to diversify our reach, and help you get quality grain information in a preferred manner! In doing this trial rollout, we would love any feedback that you might have! If you wish to join our text updates list, please text GRAIN to 519-800-0436. You can opt out at any time.
| 
