Grains are mixed at midday:

Corn – 3 ½ cents/bu (May @ 3.27 ¼ )

Soybeans + 4 ¼ cents/bu (May @ 8.58 ½ )

Chi Wheat+ 7 ¾ cents/bu (May @ 5.57)

Cdn $+0.00215 (70.92 cents)

WTI Crude Oil -1.85/barrel (26.59)

Corn continues to struggle today amid further rumors of additional shutdowns of USA ethanol plants, due to consumer demand for gasoline remaining very depressed, hence the opportunity to blend ethanol into gasoline is low as well.  The USDA did show very good corn shipping in it’s Weekly Export Inspections report as just over 50 million bushels of corn were loaded last week. Corn exports remain behind the pace needed to hit USDA projections by 118 million bushels, but in the last 2 weeks alone, the USA has narrowed that gap by 24 million bushels.  Export inspections for beans and wheat were very disappointing however.

Wheat remains supported by ongoing dryness in Black Sea production areas, and thoughts that this will further depress Russian/Ukrainian export volumes, and force some buyers to the USA for supply.  Ongoing dryness in southern Brazil and Argentina is supportive for bean prices, as is rumors of some export business.

Later this afternoon, the USDA will release it’s first official weekly crop condition report for winter wheat.  The trade is uncertain as to whether today’s report will include the first update on corn planting, or whether we have to wait another week for such data.