Corn: Steady = plus or minus a fraction of a cent
These are fairly unprecedented markets. Everything we think is logical goes out the window.
All three markets are correcting from a rally that began on Feb.15-16. If they trade much below the support levels for an extended time or an extended lower price, a more serious correction is beginning.
The Mar/July bean spread (March price minus July price) has traded from minus 4 to plus 24¾ in six trading days. The return to storage has gone from making 4 cents per bushel to losing 24¾ cents. This aspect does not indicate demand is being rationed. The market wants beans NOW!
Levels of Support
May Wheat $8.86, $8.78
May Corn $6.72, $6.59
May Beans $16.34