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Grain Commentary By Jeff Thatcher

Wednesday April 25th

Corn: +5 ¼ to +5 ¾
The corn market rallied nicely today with values firming throughout the session.  The May contract ended just over 5 cents higher, trading to its highest level in nearly 2 weeks.  New crop values added nearly 6 cents on the day and closed very near the day’s high.  Wheat was again supportive as it gained nearly 15 cents on continued poor conditions along with technical buying.  Concerns over Brazil’s second crop corn also gained more traction today with Southern Brazil expected to remain dry through next week.  Today’s energy report was slightly disappointing with ethanol production reported down from last week.  Many plants have been on seasonal downtime, so the drop wasn’t completely unexpected, but production was at the lowest level in 28 weeks.  Ethanol stocks did post a modest increase as gasoline demand was off solidly from the prior week.  Corn basis levels have firmed recently as farmers turn their attention to planting the crop. 
Soybeans: +5 ¼ to +6
Soybeans also a solid session as they traded higher the entire session and ended with modest gains.  May soybeans ended just over a nickel higher after trading over a dime higher at one-point mid-morning.  The November contract gained 6 cents today as soybean spreads were weaker despite the overall strength of the market.  Soybean meal was supportive today as traded nearly $8 higher mid-day before ending over $4 higher.  Soybeans were supported by news of damage at a main shipping port overnight in Argentina.  The damage appears extensive with some loading disruptions expected to last multiple months as repairs are being made.  Tomorrow will bring the weekly sales report with the trade expecting soybeans sales of nearly 20 million bushels.