Overnight corn traded $7.50
Corn and soybean futures gave back a little yesterday as they could not keep up pace with front of the wheat curve. Overnight was a different story as corn put in new highs trading 7.52 in May. Wheat is over $11 as the conflict continues to rally the front end of the wheat complex. Sanctions have put stress on the Russians and commodity markets are trying to price in enough risk premium to weather the storm. Weekly exports were strong for soybeans but disappointing for corn and wheat. China was back in for a flash sale of soybeans and 337K tons of corn went to Unknown. That is the first flash sale of corn in weeks and most think it is China. It feels like the squeeze is getting close to being done but peace talks have not yielded much good news yet. Breaking possible deal to allow Iran to export more oil and this news has taken crude negative on the day.