Mixed trade in the grains today in Chicago with corn leading the way on the downside. May Corn closed 9 3/4 lower and December Corn 9 1/2 lower both near the low. While, May Soybeans closed 1 lower and November Soybeans closed up 3/4 of a cent.
Corn, all weather-- flipping forecasts influencing ideas of returning to a more normal weather pattern easing the need for weather premium in the corn market as we look into mid next week in this futures market. Although, many feel that we need to get started planting before we can take too much weather premium out of the market. Corn Values likely to slide sideways to lower though in a grid like trade. Interesting to note: new crop corn sales one year ago at 79.0 mbu vs currently new crop corn sales an embarrassing 17.6 mbu. Credit problems or... ideas of cheaper prices down the road???
Soybeans, needing to source supplies to accompany Chinese appetite as Argentina supplies seem to be lower than expected, and secure premiums to insure new crop soybean plantings. Look for the USDA to revise soybean exports up as the Chinese appetite is hanging around longer than expected.
Upcoming News: WEATHER THE MARKET MAKER
USDA Export Sales 7:30am cst estimates as follows:
Corn 31-37 mbu
Soybeans 18-33 mbu
Wheat 11-15 mbu
Jeff Neisler
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