Good morning,
Markets are firm this morning with old corn up 4, new corn up 7 and soybeans up 24.
Corn condition ratings fell by three points this week to 61% good/excellent, below 72% last year and 69% for the five-year average. Corn emergence rose from 85% to 93%, up from 87% both LY and on average.
Soybean ratings also lost 3% to 59% good/excellent, down from 70% both LY and on average, with plantings and emergence both ahead of comparable at 96% and 86%, respectively.
Rain has mostly been in the South and Southwest the last couple days. The forecast models have some rain moving into the Central US over the next week. Amounts and placement differ between the EU and GFS models. They both have rain, just heavier amounts either in the East or West, neither showing much in Iowa.
The is our weather rally, so you better pay attention. Premium will add or subtract based on weather models daily. A weather market has no memory and can keep going or end at any time. The Funds are still short, but I think after yesterday and today they may be out of the shorts.
Make sure you are actively selling during these rallies and that you have offers in with your buyers as things can change very quickly.
Have a Safe Day!
Garry Gard
920-348-6844
