Throughout the last 24 hours rains have moved through the area and are sweeping across the Great Lakes and hitting parts of the Eastern Corn Belt. With more rain on the forecast and cooler temperatures it seems that late corn and bean planting will continue to be stalled in the region. As a result of the weather, prices have been trading higher. Corn traded just under 7 cents higher through the overnight. This morning the nearby spot price surpassed the highs we saw towards the end of May. The big question that remains is how much longer will the price continue to rise? It will be interesting to see where the planting progress ends on a national basis. This past week has allowed for many farmers to get in fields, but now that more rain is moving through it will be interesting to see just how much got done in OH, IL, MI, and IN. Until the next yield and acreage estimates are released I think the high volatility in prices will remain.
Have a great day!