In the overnight session the grains are trading slightly higher on Pro Farmer Day two results and an announcement of countervailing duties on Argentine and Indonesian bio-diesel. This morning December corn is up a 2 ¼ cents, November soybeans have gained 8 ½ cents and December Chicago Wheat is up 3 cents.
The Department of Commerce announced yesterday that it would impose larger than expected countervailing duties on Argentine and Indonesian bio-diesel imports after they ruled they were both subsidized. The Bio-diesel import duties will be 50-64 percent for Argentina and 41-68 percent for Indonesia.
Day two of the crop tour covered Nebraska and Indiana both of which showed slightly weaker soybean counts from last year. In their evening report, Pro Farmer announced their Nebraska corn yield estimate was 165.42 bpa, which was up 6.82 bpa from last year and above the three year average of 158.60 bpa. Nebraska soybeans had an estimated pod count of 1,131.02, which was down 92.05 pods from last year and below the three year average of 1,182.12. Indiana corn yield estimates were forecast at 171.23 bpa down 2.19 bushels from last year but above the three year average of 167.13 bpa. Indiana soybean pod count was 1,168.78 which was down roughly 10 pods from last year but above the three year moving average of 1164.09.
The forecast shows there is the chance of precipitation by the middle of next week to help relieve the driest soybean areas throughout the Midwest. Rains are expected again in the 11-15 day forecast which will be beneficial for the crops. The latest weather models show no early frost threats over the next two weeks.
The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a Branch of Foremost Trading LLC (NFA ID: 0307930)