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| I Will consider buying corn on an approximate 20 cent break from the close of yesterday’s day session close.
Would like to pick off nov soybeans in the $11.80 area
March wheat needs to hold in the 9.20 area
July, am going to be a buyer in the 8.40 area
These levels, allow you to be wrong with some limited risk, in my opinion.
I note, in favor of the soybeans, the crush margin widened a bit, quite a bit in the new crop.
Ecuador is one more country putting price controls into place. Have an savvy & sharp acquaintance who visited the US embassy down there, met the pres. & did not have much regard for him, a buddy of Hugo Chavez....a few of our congressmen also waltzed in & my acquaintance indicates they were a real embarassment. I cannot relate his actual comments as the language is not suitable for this forum.
Attitudes seem to have left SA with crop conditions somewhat favorable. Some talk of too wet in some areas of brazil. Attention seems to be shifting to China. Any production declines will lead to more imports. Hearing comments of increased old crop interest for soybeans
The Fed: will be important today, except people still require food.
Soy Seed Comments: "The vast majority of the Corn Belt and to the south is going to have a tight supply of soybean seed," said Don Schafer, senior product line manager for soybeans with Pioneer Hi-Bred International Inc.
"We were windy and really hot during that (August to September) time frame in that geography and it was quite detrimental to the seed quality.
That resulted in less high-quality seed in what is known as maturity group 3, the most common soybean group which is grown in the southern half of Iowa, in central Illinois, Indiana and Ohio, and in northern Missouri, he said.
Supplies of maturity groups 4 and 5, which are grown in the Mississippi Delta, and groups 6 and 7, grown in the Carolinas and Georgia, were also harmed by the weather, he said.
China has issued a warning, following up on the rapeseed concern of yesterday morning; they may have also experienced some scattered winter kill in regard to their winter wheat crop in the central areas.
Argentina implies opening corn registrations in Mid-February, but will be small quantities.
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Morning Market.
