Grains closed mostly quiet today in Chicago. May Corn closed up 3/4 at 3.97 and December Corn closed up 1/4 at 4.27 3/4, with the nearby May soybeans, the leader closing up 16 1/2 at 10.06 and November closing up 7 1/2 at 9.16.
In news today, China securing 3-4 more cargoes of United States Soybeans as logistical problems plague South American ports. Other than that item of note not much to for the traders to work on except spread plays between old and new crop soybeans as technicals and fundamentals suggests a $1.50 premium for July over November Soybeans.
Nearby basis levels on corn are approaching attractive levels and are generating selling interest in the river markets.
USDA Supply and Demand 7:30a CST Thursday estimates as follows:
Corn Carryout at 1.731 billion bushels
Soybeans Carryout at .169 billion bushels
USDA Export Sales 7:30a CST Thursday estimates as follows:
Corn 35 - 39 mbu
Soybeans 28 - 31 mbu
Jeff Neisler
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