Highlights:
Crude up $2.00 to $70/barrel
US Dollar down sharply today
Funds bought 7000 Corn, 4000 beans, and 5000 wheat
Corn market had a "Turn-Around-Tuesday" trade as it bounced right back up the 9 cents it lost Monday. The outside markets supported Agriculture futures as did the trade sentiment of a slightly tighter 08-09 and 09-10 supply and demand picture the the USDA may project on tomorrow mornings report. Ethanol margins are slowly starting to increase even as the price of corn goes up due do the stronger crude oil prices. Livestock margins continue to disappoint and feed usage should probably be adjusted lower on tomorrow's report.
Illinois River corn basis has shown good strength this week as producer movement has been slow. Soybean demand is also strong along the river posting basis values of +10 cents.
Scott Meyer
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