Grain closing higher again in Chicago led by ideas of Shrinking soybean supplies out of Argentina and wet weather.
July Corn closed up 2 1/4 and December Corn closed up 1 3/4 in a fairly subdued trading session in the corn pit. I believe that corn will continue to show signs of support until the weather pattern opens up to a more inviting planting forecast for the eastern growing regions. Yet, I am currently unimpressed with the lack of performance to the upside especially as soybeans continue to rally.
Soybeans closed higher today with July Soybeans closing up 17 and November Soybeans closing up 17 1/2. The ideas of continued shrinking soybean supplies out of Argentina has the world supply shrinking as the Chinese appetite continues to show good demand. Interesting to note that even in a continued wet weather pattern new crop soybean prices continue to rally as showing a reluctance of farmer switching to new crop soybeans from corn.
Up and coming news:
USDA Export Sales Report 7:30am CST estimates as follows
Corn 800-1200 mt
Soybeans 300-400 mt
Jeff Neisler
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