May 21st 2012
Brad Olson
Grain Marketing Specialist

Today will be the first day of CME’s new 21 hr trading format. Hours will be from 5:00 pm. cst to 2:00 p.m. cst Sunday night thru Friday afternoon.

Corn: As of 7:40 trading July 2 higher, Dec 6 higher

Isolated rains probably not enough to stop the bull here this morning as funds hold a modest  160000 net long position with the ability to add. Crop ratings this afternoon expected to show good ratings. My next upside objective for July corn is 6.59 and Dec at 5.56 with all my indictors currently bullish. I am urging folks to use discipline as the market has given us another swing at things that could be just a good rain away from setting back.

Soybeans:  As of 7:40 trading July trading 8 higher, Nov 12 higher
 

Soybeans continue to get whip sawed as heavy spreading was noted on Friday pressuring prices lower. With funds loaded up this will most likely continue to be the case as volatility will be high. Weather will now be the trend driver with concerns over beans lying in dry dirt. This afternoons report is expected to show a fast planting pace.  Upside July objectives are 14.28 and 14.61 with support at 13.74. Nov at 13.26 and 13.53 with support at 12.83. My indicators are neutral to short soybeans right now but believe ultimately weather will drive trend.

Wheat:  As of 7:40 trading Spring Wheat  4 higher, Winter Wheat 3 higher

Hot dry weather in the States and fear of a deteriorating Eastern European crop had wheat significantly higher Friday and for the week.  Technically all my indicators are bullish with next objective at for July KC  at 7.33 and Sep Minneapolis I am looking for a close above 7.95 to open us up to 8.38.