Grains in Chicago closed with a mixed tone today. USDA report was basically in line with expectations. In outside markets, the dollar started lower and finished higher
Corn opened higher and finished lower testing key resistance in July Corn at 4.50. New crop supply and demand tables were bullish in themselves. Yet, the wild card is how much wheat can be substituted into especially feed rations is a question in many traders minds.
Soybean supply and demand for old crop remains extremely bullish. A stocks to use ratio of 3.6% is nearly unheard of. I would imagine that old crop soybean premiums continue to build on new crop. Additionally early harvested soybeans might carry a large premium over October delivery.
Jeff Neisler
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