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The Grains Review For the Week of April 2, 2012
On Friday traders saw a wild session. Old crop corn hit and closed limit higher in May alone. Old/new corn spreads blow up, and old/new bean spreads weakened on the rally. New crop beans gained on low acreage expectations, wheat gained on short covering and meal spreads spoke bearish. What a mess. Big shifts due to month end were seen with the bean spreads most bearish along with old crop meal. The biggest of note is the all the sudden bearish K/X bean spread. This spread topped around 54-cents and is now at 41. With the impending roll there is minimal interest in loading up in the front month. Remember that if this spread were truly
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