CBOT May Wheat 2 to 10 higher May Corn 2 to 3 higher May Beans 1 to 2 higher
The soybean margin was increased to $7012 and corn margin to $3927. That means the clearing house expects soybeans to have at least a $1.40 move in one a day and corn to have at least one expanded lock limit day.
Further showing market participant’s concern, Schwab Futures and Forex, LLC is not allowing corn opening trades; closing trades only to liquidate positions. The representative I spoke with said this is because the risk assessment team determined there is a moderate to high probability of corn having several lock limit days like wheat did.
May Soybeans have remained in a range of $16.50 to $17.00 for six days. Please see the 30 minute bean chart below. A lot of energy has been building, most likely for an up leg. Tomorrow brings USDA’s production estimates for South America and Thursday brings CONAB’s production numbers. Let's see if this provides a spark.