Apr 27, 2022

Corn and soybeans were lower overnight and immediately jumped higher at the 8:30 morning open. The rumor in Chicago was that China had made another significantly large purchase of U.S. corn. The corn planting pace in the U.S. remains minimal but pictures of planters rolling across fields are becoming an increasingly common sight on social media. The crop is going in regardless of conditions. Soy oil continues to set new all-time highs and drive soybeans back towards highs. The synthetic crush on the board has eclipsed the $2.00/bu mark. Weekly ethanol numbers showed output was up 16,000 barrels/day to 963k bpd and stocks were off 377,000 barrels to 23.97 million bbls. Production remains well below average and stocks remain well above average for this time of year. The USDA made no sale announcements this morning. Right now, it is very difficult to come up with a bearish scenario for grains which is when we need to be the most concerned about a bearish scenario.

New contract high on the July 22 corn.

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