Good Morning,
Markets continue to climb as the fear of acreage loss and yield decline continues to grip our market. The weather outlook for the next 7 days doesn’t seem to change much from what we are seeing now. Rains will continue to move through the Corn Belt this week with multiple systems on the way and temperatures will remain on the moderate to cooler side. Further forecasts predict that rains will move north in the next 10-15 days and will allow for things to dry up. A planting progress report and crop condition report will be issued this afternoon and the markets will be looking heavily into that. Corn planting is said to be finally wrapping up at this time if not completely done. Crop conditions will be the next debate markets will try to quantify and bring to life. Ultimately, fear is running ramped in the mind of traders and the markets are up sharply in response. I believe this week will bring high volatility in prices with such on edge trading. With so much still unknown, I don’t think we will see this calm down until we get a real bearing on what yield and production loss will look like.
Have a great day!
Drake Bliss