Grains came off the board yesterday with the May and July futures ending 17 ½ cents lower. New crop came in lower as well by 11 cents. Many are pointing to funds getting out of long positions in what looks like something of a correction in trading. The weather has been good and the planting seems to be progressing so that has helped push all the grains down. Smaller and smaller soybean crops from South America continue to drive the idea U.S. soybean production plays a greater role in world export supplies for the next crop year. Don’t rule out larger bean acres and even larger than normal double crop bean acres this year.
We look for corn to open 1 to 2 cents higher and for beans to open 2 to 4 higher.
Daily CME spot market prices:
Block cheese: $1.535 (unchanged)
Barrel cheese $1.495 (up 3 cents)
Butter: $1.345 (down 1 cent)
Grade A NFDM: $1.1475 (unchanged)
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