Corn is up 5, wheat is up 9 and soybeans are unchanged to open the week.
Funds are long 344,000 corn and 154,000 beans after Fridays close. Look for the markets to have a high level of volatility in the next 28 trading days as we work towards the planting intentions on March 31st.
The forecast for Brazil is for heavy rains to continue in the North. Weekend totals were up to 2.5 inches. Northern Brazil is expected to get as much as 8 inches in the coming week. Southern Brazil and Argentina have drought conditions in the 10 day and 15 day forecast. Little to no rain is forecast for the 5th or 6th week in a row. Temps will also be on the rise in Southern Brazil and Argentina, pushing into the upper 90s. The weather forecast is bullish with too much rain in the North and poor rain totals and rising temps in the South.
South American weather is bullish and could produce a higher trade. First notice day is Thursday, so that may have as much impact as anything else. The Fund roll looks to be going out into new crop beans on the long side as well. Sunday night have rallied, followed by a more subdued trade by Monday morning. This is a trend that has been going on for the better part of a month. The market looks to be stuck in a holding pattern for now.
Have a Safe Day!