Bouncing off the lows

Overnight- Corn, soybean futures are a little lower and wheat is unchanged.

The May corn contract traded below last week’s low on Tuesday and then rallied back over 4.30 yesterday. May soybeans broke through the 11.71 level before bouncing back over 11.80 by the end of the day.

We did not find more buying overnight and we could roll right back over to the lows.

Grain exports last week were weak for soybeans and wheat and just a little disappointing for corn. It was a short week with Good Friday so we can blame some of it on that.

We are very competitive for exports of wheat and corn but still a little expensive for soybeans.

News out of Russia that the government may be curbing some wheat exports due to quality issues. There have been conflicting reports, but wheat had a nice day yesterday up double digits.

Brazilian weather is non-threating currently and rain across the Midwest this week is bearish as well.

Bottomline

The markets need some more buyers today to solidify the market. Weather is currently putting pressure on the market, but will we see some risk premium put into these new crop contracts. NFC Grain Comments Options -new (30)