Don't look good
in the simplest technical terms. Sysyphus rolled the rock back up the hill (toward the open gap from report day) and it rolled back down.
Sure, if we stay wet, whatever we may go higher. Just saying what I see.
My guess, being just that and good for what you're payin'- CIL and river basis weakening might indicate that some elevators are capituating in the game of chicken in May hedged corn?
Also wonderin' if the same couldn't happen in the nearby beans.
Re: Don't look good
A little bit of a risk on feel but I'm thinking mostly just some hedge unwinding (broad markets, I'm talking) after the recent selloff and deciding to not decide going into the weekend.
Based on economic data and earnings- IBM and GE down sharply- I'm not seeing it with any legs.
Grains will trade weather with a downward bias if weather is OK, imho.