Grains Up Big Across The Board
Apr 27, 2012
At the time of this post we see corn up 24 1/2, soybeans up 20, and Chicago wheat up 15 3/4. Helping push the grains higher this morning were large new crop sales to China and "unknown destinations" for both corn and soybeans. New crop corn has moved into the high side of it's recent trading range and on November beans we look ready to re-test 1400.
Sales reported by the Foriegn Ag Service:
1,440,000 metric tons of corn for delivery to unknown destinations -- 2012/2013
120,000 metric tons of corn for delivery to China -- 2011/2012
116,000 metric tons of soybeans for delivery to unknown destinations -- 2012/2013
110,000 metric tons of soybeans for delivery to China -- 2012/2013
Keep in mind we have first notice day for May corn, soybeans, and Chicago wheat on Monday, April 30th. Starting Monday, longs can be called into accepting delivery and there are no limits on price movement. Here is a link to our Trading Calender showing first notice and last trade dates for the grains.
THERE IS A SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES AND OPTIONS. FUTURES TRADING IS NOT APPROPRIATE FOR ALL INVESTORS. PLEASE READ OUR RISK DISCLOSURE.