We are seeing some profit taking after yesterday’s run up in the markets. Corn is currently down 2 soybeans down 3 and wheat down 8.
Weekly export sales shoed corn at 27.4 million bu. which is 28 million below the ten week average. Soybeans were also low at 13.6 million bu. which is 22 million below the ten week average. To date corn and soybeans are ahead of the projected pace by 5% and 1% respectively. Exports could gain traction in the near future as dryness in southern Brazil remains a major concern.
The 6-10 day forecast for May 1st thru 5th shows above normal temps in most of the cornbelt with the exception of the far WCB which Is below normal temps.
Congratulations to everyone that took advantage of yesterday’s rally to lock in $4 corn. These opportunities need to be seized when they are presented.
Have a Safe Day!