Soybeans bounced sharply off their recent lows while corn and soybeans remained flat-lower. Soybeans were oversold relative to corn and soybeans and had a large technical rebound. Weekly Export Sales were poor for corn, soybeans, and wheat but the oil and meal sales were on the high end of expectations.
Only a week away from one of the most important report days of the year and we continue to see massive position changes. Corn open interest has risen substantially over the past 7 days with another 14,197 contracts added yesterday. The funds have been moving money back into corn which has helped corn reach levels it hasn’t been to in over 45 days.
May 2013 Corn
Informa will release their acreage estimates tomorrow morning so look for those numbers to influence market action. No major changes to our market opinion which is wide-rangebound moves in old crop corn and soybeans and a long-term negative bias for new crop pricing based on overcompensated uncertainty risk premium.
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