April 13, 2009

Soybeans saw the largest gains today in grains closing up 14 cents in the nearby contract as China was back in the market sourcing beans. China, the worlds top importer of soybeans, has been sourcing beans primarily out of the U.S. and Brazil due to Argentina's tension between producers and the government.

Corn wound up finishing the day on the lower side as both lower crude and weaker stocks weighed down on the market, though it finished off it lows helped primarily by wet weather. The USDA released their first planting progress report tonight, showing corn plantings at just 2% on par with last year, yet behind the average of 5% to 7% at this time. Rainfall in the south and east expected to keep field work and early plantings at a minimum.


Chris Spurlock