April 2, 2009

Strong export sales and a surging stock market helped propel grains higher on Thursday. The rally was led mostly by sharply higher equities, with the export sales and higher crude oil providing more fuel for the climb. Corn closed above $4 on the board for the first time since Jan 26th. Producer selling wasn't as heavy as it had been earlier in the week. Forecast of wet weather in the Midwest continue to add support to the market.

The soybean market has seen impressive gains since Tuesday's Planting report. Once this report was out of the way, soybeans have been able to trade off their own bullish merits. Export sales report was out this morning showing soybeans 22 million bushels and reminding traders of the bullish underlying fundamentals in the market. Sales reported were more then triple what was needed to keep pace.