Beans got smashed today, seems to be a bit of fund input after the quarterly report came out. Beans are not being planted yet, and as you could see on the report the USDA is projecting that farmers will wait and plant corn instead, for Missouri as a state this is a corn year and so by normal rotation we can expect that we will have more corn. The weather forecast remains wet for the Delta, the Midwest has been faring relatively well we do have chances of rain tomorrow and so that will set fieldwork back a day or two however there has been a lot of fertilizer moving, people are preparing for the planting season. The Chinese continue to buy beans out of South America, they have not been buying US origin beans for several days now with the markets off so hard it would be nice to see them step in. Producers have opted to sell quite a bit of new crop corn some selling before the report some throwing in the white flag after the report as acres were higher than most had expected corn did suffer on large producer selling today. There are a lot of people who feel that corn has no chance of rallying if we even come close to planting 96 million acres worth of corn, if the Chinese would step in and buy some of our corn it would alleviate some of the pain but again planting those kinds of acres is going to push carry out incredibly high which could result in lower markets.
