The corn and soybean markets bounced back overnight and both commodities were trading higher when the markets paused at 7:45am – this feels a bit like a Turnaround Tuesday (so far). The planting progress report yesterday was relatively neutral – we made great progress last week throughout the heart of the corn belt. However, the market is still concerned about the still states that are awfully slow (ND, WI, MI). It doesn’t feel like this market will be able to sell off until all the acres are confirmed.
Other than that – quiet. The weather forecasts may offer a little support to prices today... The main difference between yesterday’s run and today’s run is that the rains in the eastern corn belt look to linger longer than expected – meaning their “break of dry weather” shrunk. The western belt is unchanged, still expecting a 6-7 day break from serious precip. The extended forecasts look warmer with normal precip, which sounds pretty good for developing crops…
Opening Calls
Corn 1 to 3 cents higher
Soybeans 3 to 6 cents higher
Have a great day!
Dustin Weiner
@fccoopgrain
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