Today in Chicago Grain Markets closed as follows: May Corn closed up 3 1/4 and December Corn up 2 1/4. While May Soybeans closed down 5 1/2 and November closed down 17 3/4. This following Informa's updated acreage estimates for 2009 acre intentions as follows:
Corn 81.4 million acres (86 Last Year)
Soybeans 81.5 million acres (75.7 Last Year)
Corn is taking the lead in Chicago as short term technical indicators are stabilizing support now can be found at 3.83 the 50 day moving average basis May Corn Futures. An item of note- May Corn put in an impressive performance closing up 27 1/2 for the week.
Soybeans are getting severely discounted to corn with the market beating them down in comparison to corn. A combination of wet weather and Informa stating acres up a sharp 7.6% over last year has placed soybeans in the back seat to corn.
Jeff Neisler
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