CORN: Corn futures are called steady to 3 lower this morning, Brugler Marketing said.
Most elevators have shifted bids to the July contract. May corn futures expire next Monday. Corn stocks at select export elevators and terminals were down 946,000 bushels from last week at 52.616 million bushels, Brugler Marketing said.
SOYBEANS: Soybeans are expected to open 10 to 15 cents lower, Brugler Marketing said.
Preliminary open interest data confirms the selling yesterday was long liquidation. Private exporters announced the sale of 60,000 MT of soybeans to China for 2011/12 delivery and 165,000 MT for 2012/13 delivery, Brugler Marketing reported. That is the seventh day in row of announced sales in soybeans. The rush to get out of commodities trumped the bullish news about commodities. There was also a sale of 40,000 MT of soybean oil to unknown delivery.
As seen on marketwatchonline.com
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