What looked to be an uneventful day, is actually turning out quite nicely. The $$ lost some value as it appears that there will be some resolution of the Greek financial problems. They expect to make up the difference with a 50/ 50 mix of cutting programs, and costs and by increasing taxes. We’ll see. If they do have a workable plan, then Spain, Portugal, Ireland and Italy will also need to be sorted out, although they don’t have near the problem that Greece did (many of which came from sending in false reports over the last couple years). Crude is working against the $ and is higher, grain futures as you might expect are higher with a weaker $. I know the market seems to use that a lot, but so far, even when the $$ has been weak, it has not translated into higher export sales. We are getting into the time of year where volatility will be HIGH. Planted acres/ prospective planted acres, weather (hot, cold, wet, dry…the traders will trade em all! Sometimes at the same time)! Just be ready…because we are going to get some very good pricing opportunities in the next month or so.

USDA will release the March report on the next Wednesday (10^th). Over 11oo (5.5 myn bu) more corn contracts were delivered again last night. Only 634 wheat contracts. As ethanol margins increased early in the year, and production ramped up, margins have started to slip. They are down 22% since December…but there is still good money in ethanol, and no cuts to production are on the horizon at this time.

ABARE estimated that world wheat prices would decline by 6% in 2010 vs. 2009. Large carryouts, and at least a good start to world production (India will have a HUGE crop, and Pakistan also looks like they will do well). China has been dry up north, but they don’t think they are looking at anything that resembles a disaster….We saw what happened in ’08…good weather can do much to bolster world grain supplies…we have had EXCELLENT growing weather for corn in the US the last couple years, we are due for something less than ideal weather…if that happens it will certainly prop up grain prices. Argie reported 27.5 myn bu of shipments ‘queued’ up for corn (account of poorer US corn quality. EU milling wheats set new lows for prices for the year yesterday.

***Didja Know: Interesting tidbit from OSU (Ohio) regarding hormones in beef. An ‘untreated’ steer has about 1.1 nanograms of estrogen, vs. a treated (implanted steer will have 1.4 nanograms). Soyoil has 189,000 nanograms, Milk has 13.6, wheat germ 1013. To get the equivalent amount of estrogen in 1 birth control pill, you would need to eat 125,000 of implanted beef. (A nano gram is PPB or part per billion).