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Grain Commentary By Jeff Thatcher

Thursday April 25th
Corn: +3/4 to +1 ¼
The corn market was able to finish with a small gain today after trading both sides of unchanged during the session.  The May contract ended just less than a penny higher after trading in a nearly 9 cent range.  December futures ended just over a penny higher after trading nearly 4 cents higher at one point.  Both soybeans and wheat finished higher today, providing spillover support to the corn trade.  Today’s weekly export report showed sales of nearly 31 million bushels.  This was within the range of estimates and above last year’s numbers, but down from last week.  Sales will need to average 22 million bushels per week to meet the current sales estimate.  Weather forecast are leaning supportive with wet conditions expected across much of the corn belt next week. 
Soybeans: +4 to +3 ¾
Soybeans spent much of the session trading higher before ending with a modest gain.  The nearby soybean contract gained 4 cents on the day after making a new recent low early in the day.  New crop values finished nearly 4 cents higher, but did trade nearly 8 cents higher at one point.  Soybean meal was again the shining star of the soybean complex as it gained $5-6 on the day after the May contract traded below $300 last night.  Soybean weekly exports were in-line with expectations at nearly 22 million bushels.  China and unknown destinations accounted for the bulk of the sales as the US continues to be uncompetitive with Brazil.  Sales will need to average nearly 14 million bushel per week for the balance of the marketing year, a sharp 43% increase from last year’s rate.