This has provided some bullish inputs for soybeans and soybean products. Stats Canada's lowering of ending stocks was also considered bullish. Soybean exports, at 132,800 metric tons, were considered extremely bearish, but were not offset by the positive feel of the planting delays. The U.S. Coast Guard has now closed the upper levels of the Mississippi as far south as Hannibal, Missouri due to flooding. According to one source there are an estimated 50 tows containing 300 barges north of Muscatine, Iowa, unable to move due to high water.
Wheat continues to gain strength in the futures market at the expense of crop quality.
This is particularly true in the hard red winter wheat areas, especially Kansas and Oklahoma. According to Dr. William Tierney, a prominent Kansas State University wheat specialist, the Kansas crop is now projected below 300 mil. His latest estimate now has the Kansas crop at 289 mil. Other states with significant declines this week were Colorado, South Dakota and Montana. Weather still remains at the forefront of all wheat news, as export markets have been quiet.