Corn: steady to 1 lower
Soybeans: 2 to 3 higher
Yesterday the May corn contract closed 1/4 higher and the May soybean contract closed 1 1/4 lower. Yesterday corn closed with essentially a flat close as the market shifted the attention back onto the biofuels concerns. The loss of demand for corn going into ethanol production appears to be offsetting any improvement in the market from export sales. This morning the corn market is trading lower due to no new news to move prices in either direction.
Yesterday the soybean market traded lower. Earlier this week the U.S. farmer used the soybean market rally to move some beans which has put pressure on the soybean market and basis. It is thought that the soybean meal panic buying has reached a peak after the Argentine governments amended last week's shutdown order on the ports. This morning soybeans are trading higher due to a better than expected export sales report in conjunction with the support in the meal market.
Reminder: MAJOR USDA reports due on Tuesday: Prospective Planting and Quarterly Stocks.
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