Grain markets in Chicago closed modestly higher today. Shaking off Swine Flu rhetoric and paying much needed attention to the wet weather pattern that is inhibiting planting progress as the calendar closes in on May 1st.
Corn Futures closed modestly higher with July and December Corn both closing up 17 cents. Supported by strengthening corn basis and wet weather. The Corn markets job is source bushels including sourcing and keeping new crop corn acres stable. Rumors circulating on ideas that 2008 corn crop potential was overstated by the USDA. December Corn looks poised to challenge the 4.40 area late this week with values closing near 2 week highs. Potential for gap higher open on Thursday looks in the cards.
Soybean Futures closed sharply higher today following reports of shrinking Argentina supplies. Though many traders are feeling comfortable about new crop soybean supplies given wet weather scenarios. I would look for November Soybeans to take a back seat to especially corn.
Upcoming News:
7:30am CST USDA Export Sales estimates as follows
Corn 31-47 MB
Soybeans 26-37 MB
Wheat 13-17 MB
Jeff Neisler
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