Position Squaring

Steve Bruce General Commentary, Grains Leave a Comment

The 6 to 10 day is warmer and wetter than normal for the Heartland and this is good for maturity of the corn and bean crops and moisture is not impeding harvest, yet! We’re still a couple of weeks away from the fly free date and soft red wheat seed sales are reported to be a little higher in the fringe areas in the Midwest. Chicago is still abnormally expensive this crop year, next crop year and even 2 years out. When in doubt, stay out and Chicago still is exhibiting strange behavior.

Whatever the USDA reports at 11:00 Chicago time on Thursday it’s likely that the trade will question the figures as the prevent planting acreage is a “learn as you go” item. Regardless, we still sense corn and bean spreads to remain on the defensive while the wacky world of wheat appears to defy logic, reason and economic laws.

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Steve Bruce

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