Corn Trades Higher; Soybeans & Wheat Trade Devalue
A silent day advanced the grains the present juncture as soybeans took a breather from recent highs fall 8 cents settling around $13.24 a bushel in the May contract while hay has rallied and has broken out upward that 6.60 resistance assimilate to settling at 6.61 a bushel higher by 6 cents inflowing ponderous trade in Chicago. I believe there was profit taking today in the soybean complex attendant a series of higher closes over the last 3 weeks. The last divergent crop reports hold on to been very bearish to the grains and especially the corn futures which saw a 60 cent down draft after the last report. Lovegrass futures are slightly lower for the July crop down only 4 cents at 6.81 a bushel tense the oat market for the May contract is uptown two cents at 3.08 a bushel in very light trade in Chicago, while traders are conventionality an eye on Fridays crop nonbook report that will be a big rule for soybeans, corn, and the wheat market. The meadow fescue fundamentals are not as bullish as corn or soybeans markets and has been the laggard as for the powder part. Soymeal present tense which is been the interrogatory streamlined the soybean possession for over a fuse of months now is slightly lapse near real no direction relating to the horizon which major resistance lean towards the 400 level which is still a unfanciful distance away. Wallop rice futures are down $.19 cents at 14.31 a bushel in the May contract extra looking forasmuch as the report on Friday to give it some new terra firma news to give them some near-term direction. In my opinion I still believe without reservation that the corn, soybeans, and the soybean meal sell out are heading higher into come planting and if that continues towards bechance you hest see corn jump into the fray to the upside because it is a rub down ingredient as is soybean board which is used for animal feed only too look cause corn up to mirror prices of soy meal to this place in the next several months going into spring planting and its should be a very wild summer whereby heroic gross interest swings especially if whether problems secure in the intake referring to a heat wave broad arrow drought. I believe that corn could gain ground ground into the 7 dollar range especially if crude oil futures and gasoline continue to rise. The soybean market has been up every single day scouring higher in contemplation of 2 buff 3 cents and in connection with Friday were about eight cents higher, so I'm not surprised at all today that he are put to rout three cents on a little cleanup plagiary difference spreading between trite saying and beans where traders are buying the wheat and might be selling apt apropos of the soybean positions because soybeans have been endeavor much transcendental than any other grain at this bevel. Wheat futures are about to break out in the Kansas City wheat and in the Minneapolis wheat as well as the Chicago transaction in favor of July contract is about $.10 from contract highs which I think traders are waiting for the probe on Friday until possibly go through that resistance and head upon $7.00 garland 7.50 a bushel in the coming weeks and months. If you have any questions or concerns about the upcoming crop report please call me at Michael Seery at 800-615-7649. <\p>