In the overnight session the grains are mostly steady with corn down 1/4 of a penny, soybeans off a half penny and wheat up 1 1/4 cents. The U.S. dollar is up a fraction of a percent and crude oil has fallen 18 cents.
Yesterday, the Buenos Aires grain exchange reported an increase in their soybean production forecast to 60 million metric tons from 58.5 million metric tons in their previous forecast. The exchange also increased expectations for the corn crop to 25 million metric tons from 23 million metric tons. Argentina ports have been mostly at a standstill as the docking and loading services have been shut down due to a labor strike over the last two days. The strike has affected 25 ports from the city of Rosario to Timbues.
More bird flu was detected yesterday in an Iowa-based farm affecting only 19,000 birds this time. However, this is the first detection of the bird flu in a broiler breeding farm which typically holds tight bio security.
Weather next week should bring some showers early on with minimal impact on planting progress. The plains region should see ample precipitation in the 11-15 day forecast with a wet outlook in the 16-30 day outlook as well. Wheat should continue to be pressured as the weather models provide relief to the plains region.
