For the month of April: July Corn –50 cents, July beans – 56.25 cents, July wheat –70.5 cents Dec corn –38.75 cents and Nov beans –56.25 cents.
After a nice rally to start to April the month was a price disappointment for corn, soybean and wheat producers. We have warmer weather will show up midweek and planting progress should see sizeable gains. Parts of the North are still seeing rains this week and will have to keep an eye on progress in the Dakotas and Minnesota for any potential for Prevent Plant acres. Last week, managed money sold 64,731 contracts of corn and 47,574 soybean contracts. This left them with a net short in corn of 15,297 contracts and a net long of 87,208 soybean contracts. Money flow has been the major driver of the most recent move lower. We expect to see more selling in the next report unless Monday & Tuesday brings fund buying to start the Month. On the friendly side, the EPA issued an emergency waiver to allow E15 sales through the summer. This will not boost the ethanol grind but will keep it at current levels and likely cut into storage levels. It does make you think about what the administration is seeing for gasoline prices the 2nd half of the year.
For today, we will watch 5.72 & 14.06 for support and 5.92 & 14.25 for resistance NFC Grain Comments Options -5.1.23