Corn prices spent the majority of the day on the defense but managed to climb into positive territory near the end of the trading session. A surge in both soybeans and wheat helped push corn prices higher. Traders are expecting planting to begin in full force next week as several areas through out the corn belt are expected to have warm, dry weather. Export sales were firm today on both corn and soybeans with corn coming in at 42.5 million bushels and soybeans at 29.8 million bushels. China continues to be the leading buyer of U.S. soybeans as problems in Argentina continue to wage on.
The latest rally has traders cautiously remembering 2008, when commodity markets were at record levels. Grains, oil seeds, crude oil and gold all soared to record highs amid strong global demand for food and an unprecedented inflow of fund money as investors looked for a hedge against inflation. The current rally in soybeans is more subdued, with prices driven largely by one basic concern, too few beans.
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