MONDAY 4/20/09 - A.M.

The overnight futures session slid lower and is the harbinger for today's first trade. Weaker outside markets and a firmer buck will press on row crops and wheat values. Markets appear prime for a 'consolidated sell-off'.  Better US crop weather and overbought technicals should grease the skids and test supports.

SWW bids will sag a percentage of Chicago's declined. Old crop bids better supported than defferred.


MONDAY 4/20/09 - P.M.

Any notion of moderation is usually dashed by volatility. The market is capable of unintended or unexpected 'flybys' on major chart support points. The blending of weather, crop conditions, carryover stocks, and global economic travails keeps markets irregular and dicey. 

SWW old crop trading positions tested numbers and received light rewards. New crop months starting to garner mild scrutiny.  

Japan's Ministry of Agriculture booked 47,400 Mt of food wheat, 29,900 Mt of food barley and 15,250 Mt of malt barley under their simultaneous buy and sell (SBS) system. All shipments must be made from the time contracts are made to July 31.