Thursday

Export sales Thursday morning pretty decent in beans, less than I would have hoped in the rest, and with Mississippi river force majeure called by one barge company and a real possibility of affecting gulf loading entirely, exports out of the gulf are in real peril for the next several weeks until the basin can get some water.  Meal basis weakens and drops 5 bucks flat price, while beans slip 11 3/4 to 1358.  Wheat off 23 to 879 in the face of Russian uncertainty of the Ukraine corridor, while corn loses 8 1/2 cents, 675 1/2.  If you look at production in fuel terms instead of feed terms, corn throws off nearly 3 gallons of fuel per bu., while beans make a little over a gallon and a half of fuel, and it takes a bunch more fert to make the corn yield.  All the sudden the old ratios for corn beans can get compressed inside of 2 to 1 depending on use.  At 1.9 to 1, corn can stall here and again we get 12.80 beans.  Man, that number keeps coming up.  Don't think we would hold there, but don't see why we won't look there.   Rice off 8 to 1689.  Options open interest in rice is growing at the $17 strike.