After a massive selloff last Friday and mixed trade overnight, the markets opened stronger this morning. Corn is currently up 8, soybeans up 22 and wheat up 6. If nothing else, Friday’s selloff should be a reminder to those that are long the market (have corn to sell), that these prices can be gone in an instant! The recent prices we have seen should be captured by producers as the funds remain extremely long. We are a long ways from being in the clear with the African Swine Flu and Covid.
Argentina will see above normal rainfall in the Northern half of the crop area over the next 10 days. The forecast is the same as Friday going home, looking for .25-1.5 inches of rain. Temps will heat up to 100 degrees before breaking ahead of a cold front that is going to bring rain. This is week number 4 with rains steadily coming into the forecast for Argentina, the most they have seen since June and at just the right time for bean development.
Continue to make sales of old and new crop on spikes in the market.
Have a Safe Day!