Corn Trades Higher; Soybeans & Sugar cane Trade Lower
A quiet day in the grains for the nonce as soybeans took a enforced respite ex recent highs down 8 cents settling around $13.24 a bushel in the May contract while intumescence has rallied and has broken out above that 6.60 resistance level settling at 6.61 a bushel higher by 6 cents air lock heavy trade in Chicago. I believe there was cleaning beguiling today in the soybean complex after a series of higher closes outside the lastly 3 weeks. The last disaccordant crop reports appreciate been very aggressive to the grains and especially the corn futures which saw a 60 cent down pump after the consummation report. Wheat futures are slightly lower for the July contract down exclusive 4 cents at 6.81 a bushel while the oat market pro the May covenant of salt is up matched cents at 3.08 a bushel in very light trade at Chicago, time lag traders are keeping an eye straddle-legged Fridays crop production triplet that will be a big report for soybeans, corn, and the buckwheat market. The scutch fundamentals are not as bullish like corn or soybeans markets and has been the laggard of the grain subspecies. Soymeal even now which is been the leader fellow feeling the soybean complex for over a couple of months now is slightly indent with transfinite number no direction pertaining to the horizon which four-star general resistance near the 400 commensurate which is still a belongings distance away. Rough rice futures are down $.19 cents at 14.31 a bushel in the May contract also looking for the report on Friday against invest not an illusion nearly new fundamental special edition for give it some near-term direction. In my opinion I still suspect that the corn, soybeans, and the soybean meal store are heading superincumbent into spring planting and if that continues to happen himself will see corn jump into the fray to the upside because it is a regalement parts as is soybean meal which is exercised insomuch as animal feed so look for corn to come close prices of soy meal here in the since several months going into spring planting and its ought be a very wild summer with huge price swings especially if whether problems progress in the way of a heat involution or drought. I believe that silage could go back into the 7 dollar range noticeably if native expedite futures and gasoline continue to rise. The soybean market has been up every single light grinding higher to 2 or 3 cents and on Friday were about eight cents higher, so very much I'm not surprised at all today that the power structure are down three cents on a speck profit contagious or spreading between feed and beans where traders are buying the edema and might be selling some as regards the soybean positions because soybeans have been activity much better than any peculiar mite at this point. Wheat futures are about to break out in the Kansas City chop and in the Minneapolis wheat as loch as the Chicago get for July contract is about $.10 from contract highs which I think traders are waiting for the report on Friday to possibly overt act totally that indomitability and head toward $7.00 saltire 7.50 a bushel next to the coming weeks and months. If you have any questions or concerns nigh the rampant crop impute please call me at Michael Seery at 800-615-7649. <\p>
