Thursday May 14,2009

Soybeans closed higher and near seession highs.Talk of new China soybean import interest and good weekly U.S. soybean and soy meal export sales,helped nearby soybean and soy meal futures make new highs for the move. July soybeans were up 191/2 and November beans were up 10 1/2. There are some that feel that current soybean demand pace could suggest final demand may deplete our carryout farther forcing July beans to test the 12.00-12.50 area
Corn futures closed higher and near session highs,the volume was light and the trade was trying to find a price that reflects late planting in the east and one of the best starts ever in the western corn belt.The traders have been cautious and will continue to be cautious because profit taking and increased farmer selling has been the dominant feature of the week. The corn market has risen more than 70 cents in less than 3 weeks without a significant correction. I guess I am trying to say seller beware.

Chuck Peterson