US $$ is stronger, crude is lower, and futures are making a serious correction that is way overdue. Chicago is off .42, Mpls is off .43, KC is off 38 and corn is down 8. Beans are off .27 all are heading steeply lower. Rains in the ECB and the midwest this weekend. Corn demand is looking ever weaker in light of massive hog liquidation. If the dairy sector sees the same type of cut (10-15% is totally possible). It does take awhile to recover demand.

Eurozone economy shrunk 2.5% last quarter or 4.8 % on the year. China, India, Japan and South Korea all say that they will continue to buy US treasuries even if the rate gets cut.

Ukraine winter wheat production will be trimmed 5-6 myn mt due to late April frosts. Egypt quarantined 400,000 bu of Aussie and Ukrainian wheat for the same problems as they pinched the Russian for…quality. I suppose when you are a cheapest class buyer you may have expect that you will get what you pay for. China says that they may be willing to sell some beans from reserves. It would not be any large quantity, but when you add that to everything else that is going, just the announcement is bearish.

***All bids are subject to change, please call for CONFIRMATION of prices. All information in this letter is from sources deemed reliable, and is for informational purposes only***