Exports: Sold China 120,000t sorghum old crop..
***Early, extreme aggravation as work was totally lost. Am re-writing now.***
Plantings are late. Wire services ‘agree’ and blame the strength here and weakness in beans on spreaders; then of course there were those cocky bean/corn spreaders that might be getting itchy. China buying our sorghum interesting but likely obviously cheaper than corn or feed wheat perhaps overseas, or maybe a nice gesture to those commercials they cancelled corn on due to GMO; new May 1 daily price limits at 35-cents vs. 40-cents prev.; open interest fell 8,700 amid strong volume; I though May would be in a new range of $4.90-4.80 by now but weather is such a weather-premium being demanded? How about that snow forecast in the northern Midwest?
Exports: None Visible.
Comments: If there’s some corn/bean spreading on plantings now need to wonder if those cocky bean/corn spreaders are getting ‘squeezed’ a bit? CME new daily price limit sure to please elevators: $1.00/bu. vs. 70-cents prev…in Mr. Rogers neighborhood he asks….can you say “expected volatility”? Brazil trade group lowers its exports to China by 1.0mln.m/t’s; open interest fell 6600 mid moderate volume; the $14.60 area the likely major bull/bear battle ground. And finally, I’d like to believe this break is more than just ‘spread unwinding’.
Exports: Iran buys 60,000t Russian.
Comments: More rains coming? Iran spits in our face? In other news: over in Europe, I enjoyed one analyst that said price weakness on forecasts of more rain in the U.S. “over the coming fortnight” (thanks, gov’nor!); open interest rose 1,200 even as May fell 9,400 amid strong volume. $6.60’s a major defense area.