US $$ is up, crude is sharply lower. It seems the weight of some of these ‘position’ limit talks have some leaving the party early. The 2 main exchanges are prepared for limitations even though they still don’t feel that the positions used today have adversely effected market prics. Just FYI: National average corn basis is -.22 under Chicago, the Chicago WHEAT futures are running about $1.14 over the average SRW px of $4.02. Wheat futures are sharply lower (we have already had 3 px updates this am). $$ broke through overhead resistance and is px negative to exports. Not a good thing for a market searching hard for demand. SWW nearby bids are a bit funky…please call for updates on BIDS/ SPACE/ River backoffs etc!!!!

Early results from the spring wheat tour indicate yields of 45.7 bpa vs. 35.9 last year. Its an estimated 4-6 weeks till harvest. Corn still doing great with near ideal weather all through the country. The only real market mover today is talk of an early frost. Read a couple of articles indicating that if we do not have a killing frost by Sept 20, the damage to corn will be minimal.

Ukraine has indicated a goal of exporting 15-18 myn mt. Also, Egypt ruled that earlier shipment from the Ukraine/ Aussie that were rejected ARE acceptable for human consumption and can be re-shipped. Also US meat groups have asked that the ban on Chinese poultry be lifted as it has become more of a hurdle, slowing exports of other meat products.

***Didja Know: During the average lifetime, an average person will consume about 60,000 lbs of food, or roughly 6 elephants.

***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***