Corn is up 6, soybeans up 13 and wheat up 10 this morning following the cold three-day weekend.
Frigid US weather and reflation concerns are supporting the markets this morning. With China still on holiday and the Ag Forum coming later this week, I would expect choppy trade this week. Wheat is the leader this morning as the historic winter weather has some traders concerned about potential winter kill.
Brazil weather will be mixed over the next ten days to two weeks. Southern parts of the nation will experience good drying conditions favoring soybean maturation and harvesting as well as Safrina crop planting. Argentina weather is becoming more tenuous with restricted rainfall over the next ten days to two weeks. Scattered showers and thunderstorms in the coming week will be sporadic and light leaving some areas quite dry while others get enough rain to slow drying rates to buy more time for crops.
We are currently 52% priced for the February crop insurance with corn currently at $4.51 and soybeans currently at $11.66.
Have a Safe Day!