Grains are mostly higher at midday:

Corn + 4 cents/bu (May @ 3.51 ¼ )

Soybeans –  3 ½  cents/bu (May @ 8.82 ¼ )

Chi Wheat + 17 cents/bu (May @ 5.78 ½ )

Cdn $ +0.00935 (69.965 cents)

WTI Crude Oil +0.51/barrel (24.52)

Markets, in general today, have an air of optimism, as government stimulus packages get approval.  After yesterday’s record setting up move in USA equities, those markets are having another up day, with Dow futures currently up another 975 points (21,583).  It remains to be seen how effective the respective stimulus packages will be, but for now, it gives markets something else to focus upon, rather than the decimating COVID-19 infection numbers.

Grains are enjoying the bounce higher, as Chinese buying is causing shorts in the market to cover some of those positions, and longs to add to theirs.  China was rumored to have bought another 250,000 tonnes of corn overnight, and this morning, the USDA did confirm a 110,000 tonne sale of corn to an “unknown destination”.  There have been rumors of further Chinese interest in wheat, but the real reason that wheat  is rallying today are reports out of various Russian provinces that government agencies are not issuing phytosanitary certificates, that would be required in order for them to export wheat.  Again, a little too early to know if this is part of an overall plan to reduce wheat exports, but it is more than enough news for speculators to jump on the bandwagon to buy wheat.  This rally is a FANTASTIC opportunity for growers to hedge some more new crop wheat sales!!!

Soybeans have not had much reason to go along for the ride higher today.  At one time, May beans did manage to trade about a nickel higher today, but there is a complete void of export sales interest in the market so far today, and after big gains earlier this week, the bean market seems content to bide it’s time until some export buying does come forward