Crude is sharply lower again this morning. Stocks continue to build, usage decline. The $$ is a bit stronger this morning, but the futures, being overdue for a bounce are up slightly this morning. Nearby bean bids continue to get pounded lower and are dragging down the whole grain complex. We still have not had any deliveries on corn. Average NET farm corn price is less than $3 for the first time since ’08. End users are being patient and waiting for corn to show signs of bottoming. SWW harvest is picking up in the dryland. First stuff off is predictably higher protein, lower TW stuff. Last week the US had only 59,000 bu of wheat added to the loan program…there are currently about 20 myn bu of wheat under loan. Idaho/ Wash each have about 1.8 myn bu while Oregon only has about 112,000 bu. Corn under loan is about 460 myn bu, and shows a decline of about 32 myn bu in redemptions.

Ukraine Ag ministry shows C/O stocks of about 7.5 mmt which is about 40% higher than last year. India says they will open exports of wheat/ wheat products. Quantities are not great, but are worth mentioning: 33 myn bu of wheat and about 25 myn bu of ‘wheat products’. France trimmed their estimated wheat production by about 3%.

***Didja Know: A rhinoceros horn is made of compacted hair…the strongest muscle in the body is the tongue…average Americans eat 3 hamburgers/ week…it’s a law in Kentucky that you MUST take a bath at least once/ year.

***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***