Midday Comments for Friday, March 24th:

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Currently May corn is up 10’6, December corn is up 6, May soybeans are up 10’6, November soybeans are up 17. Bean oil is up about a penny and a half per pound, soybean meal is up about $6 a ton. We continue to see strength on the wheat side. Chicago May wheat is up 26’4, KC May wheat up 29’4, Minneapolis wheat is up 19’6. Across all the wheat currently they are sitting right now at 12 cents off the highs where we did trade earlier today at one point about 12 cents higher. Currently the soybeans are trading up 2-3 cents off the highs we’ve traded. It has been good to see some strength and improvement in the bean oil and the soybean meal as we talk about before we needed to see those two markets stabilize to help bring stabilization back to soybeans.

Overall we believe corn, soybeans and wheat are lower than they should be right now and the markets has pushed them down too far for what the conditions are. As we look at outside markets currently we have crude oil down 69 cents per barrel. Some of the info we are watching out there to put into context how bit the corn sale was yesterday. If we look at it on a weekly basis that would be the third largest weekly corn export sale in the last 20 years. Some info coming out of SA the Buenos Ares grain exchange yesterday announced the 2022-23 soybean crop they are forecasting keeping production numbers on corn and soybeans the same compared to a year ago. They are seeing some early harvest results are suggesting they may need to lower that crop as we go down the road.

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