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Afternoon Grain Comments 05/17/13 2:21:27 PM
Old-crop corn supplies moved to the forefront in today’s market moving cash contracts 12-13 cents higher, while traders expect some good progress numbers in planting causing new-crop corn lower all day. Soybeans moved higher after another announced sale to China and some concerns about slow Spring Wheat development which would push double crop beans in the south into the dry season. Technical markets weighed on the wheat markets pushing them lower despite heat and dryness in southern Russia, but heavy rains are expected in Western Europe and down under in Australia.
Today on the board; corn closed up 11 cents, beans closed up 21 cents and wheat closed down 7 cents.
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