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The markets seem to be taking the flu epidemic in stride and have refocused on the weather conditions and continued seeding delays in parts of the U.S. and Canada.
Cold wet weather is forecast for the next week which will certainly put seeding behind normal but as was evident last week a lot of acres can be seeded in a short time when the weather is good, so markets are reacting accordingly.
Most grains have recovered what ever they lost Monday from the initial swine flu scare. The Dow Jones closed up 169 points today. The U.S. dollar finished down 6/10th of a cent. The Canadian dollar was up 1.25 cents today to close at US$.8332. Crude oil finished up $1.05, closing at US $50.97/ barrel for the day.
Corn finished up 17 to 18 cents/bu, beans finished up 32 to 44 cent/bu, and wheat was up 6 to 16c/bu.
Canola was up $2 to $4/tonne for the day, and barley was up $4.10/t closing at $138.00/t. Canola was kept in check by the big increase in the dollar today. Trade rumours that export buying is slowing down and that China may cancel some recent purchases may have some negative impact on canola futures in the near term.
The Argentine bean crop is now estimated in the 34 million tonnes, which is well below the earlier estimated 39 million tonnes. This should help to support U.S. bean futures and canola futures going forward.
That’s all for today.