Markets are lower this morning as weather forecasts show a favorable outlook for much of the next week. Open interests continues to grow contrary to seasonal trends and despite the funds holding record short positions. Traders are currently short 315,000 contracts of corn which is 15% higher than the previous record.
The weather this week looks favorable for farmers to get into the fields and being planning this year’s crop in the northern corn-belt. Forecasts are for the warm/dry conditions this week will be followed by cooler and wetter conditions next week. Trade will add very little to the market in terms of weather premium unless we get into the first couple of weeks of May with continued wet weather.
Have a Safe Day!