April fools day Thursday after a wild Wednesday trade to adjust to the new report fundamentals in grains. May corn settles down 4 1/2 in the best old crop showing of the day, 559 3/4. New crop has a bid, as does beans, with acres projected too low to make a balance sheet work. Wheat is a feed, off 7 cents, 611. Wheat will need corn to help it have a floor, and it will ultimately help cap corn prices at some point this summer. Nothing new in rice, off 6 1/2 to 1311 1/2. Rice buyer still seems like he is trying to trap sellers, but that's more a gut feeling than something I can tie anything to right now. Beans off 34 3/4 to 1402 as we test the buck and meal continues to be a drag. Once we get the fund roll out of the way next week, there are a bunch of upside calls that the underwriters would love to expire quietly, and the fund hunters would dearly love to get in the money. Buy low, sell high, but don't sell into a short position and fall in love with it right now. New crop beans with a bid trying to buy acres, and we really need to buy a few million more acres.
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