Grains were mixed to close:

Corn + 1 cents/bu (May @ 5.54 1/4) ß New Crop is Lower

Soybeans + 6 cents/bu (May @ 14.18 3/4)

Chi Wheat -2 1/2 cents/bu (May @ 6.15 1/2)

Cdn $ -0.00340 (79.510 cents)

WTI Crude Oil +0.68/barrel (59.33)

Today was so quiet, you would think the markets are closed! Grains all closed around unchanged as no major reports are headlines were unveiled. The closer we get to planting, the more pertinent weather will become to daily prices. For now, the trade is mostly focused on the Supply and Demand report due out on Friday at noon. Traders are anticipating an increase in corn exports due to the large export sales and shipments that we have been seeing lately. This may boost the corn markets.

AgRural reported that Brazil’s soybean harvest moved up 7 points to 78% complete, 5% behind last year, and in line with the 5-year average.

Wheat was lower today amid the USDA rating the winter wheat crop at 53% good/excellent yesterday. This is lower than 62% last year, but a lack of other news caused the trade to double-down.

For the next 2 weeks almost of all U.S. growing areas are projected to get good rains. If conditions across the continent are ideal, will we see some weather premium slip out of grain prices? We are already starting to see some resistance on new crop months (especially corn).

Funds are expected to be mixed with corn expected to have bought 1500 contracts (long 409,000), soybeans to have bought 6,000 contracts (long 165,000), and wheat to have sold 1,000 contracts (short 6,000).