Markets are rebounding this morning after selling off at the open. Old crop corn is up 6 while new corn is unchanged. Please note that May futures are trading significantly higher, but that is not the market to watch as End users are now bidding vs. the July board(CN) instead of the May board(CK) due to the approaching first notice day. This has nothing to do with May trading higher, it is a sequence that happens at the end of every contract month.
U.S. Corn planted was 17% (trade estimate was 17%) versus 8% a week ago, 24% last year, and 20% average. U.S. Corn emerged was 3% versus 2% a week ago, 3% last year, and 4% average. U.S. Soybeans planted was 8% (trade estimate was 8%) versus 3% a week ago, 7% last year, and 5% average.
The 10 day forecast for South America is the same dry pattern that has been locked in for 7 weeks now. Temps will be 80’s-90’s, unchanged. The South American forecast is bullish until we see a significant change in the weather.
The 10 day outlook for US weather has rain forecast for almost the entire Midwest. The only area that will be on the short side are the Dakota’s. This is a forecast that drives prices lower, where there is rain, there is no drought today.
I believe this is a good opportunity to make some sales. The markets have had quite a run recently. That momentum appears to be stalling out a bit, and when that occurs, it usually is a good spot to sell a % of your grain.
Have a Safe Day!