by Dustin Weiner
of Farmers Co-op
The corn and soybean markets were lower last night – soybean were actually down 14 cents at one point this morning. HOWEVER… at 7:30am the weekly export sales report was released and both corn and soybean sales were above estimates which is friendly to both commodities. Those who were waiting for big cancellations of soybeans sold to China will have to wait longer.
Propane prices are becoming a big story as of late, pushing up to $5/gallon today which is almost double what it was just two days ago (which was already high)! Sen. Grassley is has written a letter to the FTC asking for an investigation into it: “I request that the Federal Trade Commission remain vigilant in overseeing the propane market to prevent possible anti-competitive behavior or illegal manipulation, and to ensure that any supply shortages are not created artificially.”
Other than the export sales report, most new stories are bearish today. Economic struggles in China alone could keep a lid on prices as we end the week. South American weather is still OK although some are starting to think dry weather in Brazil has taken the top end off the soybean crop. A lot of people have penciled in a (record) 90MMT crop for a while now, but I am starting to read local estimates that fall short of that. We will have to wait and see…
Corn 2 to 3 cents lower
Soybeans 5 to 8 cents lower