Export sales for old crop corn needed to be 16.3 million bushels to stay on pace to reach USDA projections and it came in at 21.7 million bushels. Pre-report estimates by the trade were combined old and new crop corn to be from 26 to 35 million bushels.
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Due to delayed plantings in the major corn states and expected further delays in IA and MO, a position of ownership via options is warranted. A shortage of corn would develop if reduced yields resulted from this delay. Potential risk is a change in weathe
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For the monthly chart trader, Wednesday April 30th's close was technically damaging, only to the wheat futures at all three exchanges. KCBT, MGEX and CBOT wheat futures have had two consecutive lower monthly closes as well as lower lows and lower highs.
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New highs for this month's up trend were made Wednesday. We have been watching the day to day changes in wholesale beef and volume/open interest to gauge when this market could post a near term top. Our overall plan has been that bulls would run the show
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