Corn holding so far

Overnight- Corn slightly higher but soybeans and wheat are lower.

Key reversal from Monday has held.

Have we removed some hedge pressure with March basis contracts getting priced.

Doubtful that it will be enough to get funds to start covering record short positions.

Yesterday, Reuters reported that China bought 240k tons of corn from Ukraine for March/May.

Bad export news Part 2- Sino grain rumored to be switching US soybean cargos to Brazil.

May soybeans finished 20 cents off yesterday’s high.

Mixed signals- Corn and wheat held gains but soybeans’ failure and expensive price on the export market does not give you an optimistic outlook for a major soybean rally.

Bottomline

Corn is holding in there, but soybeans have weakened after a nice run yesterday morning. The export market is keeping soybeans from rallying. We are hoping for a technical rebound to sell. NFC Grain Comments Options -new (7)