Grains today in Chicago closed on somewhat of a mixed tone consolidating huge gains from yesterday. May corn closed 8 3/4 lower at 3.96 and May soybeans traded the day narrowly mixed and settled at 9.52 unchanged.
We are now entering the weather market as it is perceived that weather will be the dictator of flex acres thus price will have to help lead the final acre placement. For now short term forecasts are cool and wet and it appears that the grains will be somewhat supported until that changes.
From a technical perspective May Corn closed above and held yesterdays mid range point. Support for May Corn is at the 20 day moving average at 3.85. May Soybean support the 20 day moving average at 9.12.
Upcoming News:
USDA Export Sales 7:30am cst estimates as follows:
Corn 800-1200 MMT
Soybeans 300-400 MMT
Jeff Neisler
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