Market Matters Blog
Pat Hill DTN Markets Editor

Thursday 03/11/10
Post-report Cash Grain Bids Up for Beans, Lower for Corn, Wheat

Merchandisers let cash bids follow the futures markets Wednesday, as they absorbed the latest round of supply and demand estimates from USDA.

That took the DTN cash soybean index up 9 cents, to $9.09, with basis firm at 49 cents under the May. The corn index lost 3 cents, to $3.28, and the wheat indexes were down 2 to 7 cents.

The only change in basis showed up in the MGE spring wheat, where it firmed 2 cents, to 6 cents over the May.

Whether Wednesday's trade was enough lower in the corn and wheat to absorb the bearish energy from USDA's increases in ending world and U.S. stocks remains to be seen, but the cash grain trade will have the physical realities of some wet and soft roads to deal with. As Dow Jones newswires noted, this is the time of year when weight limits start showing up on county roads, hampering grain movement.

Overnight trade was a little lower at 6 a.m. in all three commodities, and that's the early call for the start of Thursday's day session.
Posted at 6:08AM CST 03/11/10 by Pat Hill
Comments (2)
Poor test weight and wet grain going out of condition are no longer a issue? Where did it all go?
Posted by Steve Tritle at 6:50AM CST 03/11/10
Good point -- I can't believe the market is done with all that, can you? But I really haven't seen anyone trying to read anything into yesterday's reports about either quality or test weights. But I bet there will be more talk about that in the stocks report that comes out the same day as planting intentions.
Posted by Pat Hill at 8:45AM CST 03/11/10
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