On the Grains
Good morning, subscribers. Even rumors of the flash corn sale being China couldn’t motivate corn yesterday. USDA’s carryout reduction was great news, but it’s all about the South American crops now. Last night’s Comstock Report outlined the current situation in Brazil. Could we have a storyline? It’s possible, yet it’s just too early to tell. The Buenos Aires Grain Exchange and the Mato Grosso Institute of Agriculture will release crop estimates today or tomorrow. Yesterday’s spike high of $4.92 will remain the objective in the front month, while make no mistake, a lot of grain has moved on this rally. It’s going to take some basis work the next time end users want to cover some needs.