Following the rally in palm oil and global vegetable oil prices, the grain markets are off to a higher start today. For corn and wheat, the other positive factor was the lower-than-expected crop ratings form the USDA on Monday.
At this hour, July corn is up 14 cents, July soybeans are 22 cents higher, and wheat futures are 14 to 26 cent higher. These are some of the key chart levels I am watching. Can nearby corn get up and close over $7.80 today or tomorrow? Can May soybeans get up and close over $17.00, and can July CBOT wheat close over $11.50?
In the headline news today, President Biden is expected to announce in Iowa that the government will allow year-round E-15 ethanol sales. This should increase corn grind by at least 50 million bushels and may take gasoline prices down by 10 to 20 cents per gallon.
In outside markets, crude oil is up just over $5.00 per barrel. The U.S. stock market is higher, and livestock futures slightly higher, except feeder cattle.
The stock and commodity markets are closed on Friday for Good Friday, so I’ll be watching where prices close on Thursday.
