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It was an interesting start to the week, all 3 main commodities, corn, soys, and wheat were lower during the overnight trade, and started gaining support during the day trade. So with that being said we saw a wide trading range today, July corn futures had a 15 cent range, July soybeans 44 cents, and July SRW had a 40 cents range. As for market news as of midday for the price turnaround, there really wasn't much new. The flooding in parts of Brazil, that we seen reports of last week, were in the news again today, and likely helped create buying interest, and pushed things higher. Brazil's Conab will update it's production estimate on May 14th, and may include a revision lower to reflect loss of production due to flooding. US weekly corn inspections were on the high end of estimates at 50.63 mil bu, soybeans were inline at 12.81, and wheat was on the lower end at 11.80. Weekly averages needed for the remaining weeks in the crop year to meet the USDA's export expectation for corn, soybeans, and wheat are, 37.77 mil bu, 12.12, and 18.98 respectively.
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