Markets are lower here overnight and it’s hard to point out one specific reason. It seems to be influenced by a couple different things and just an exhaustion of the recent run. Prior to the small downside overnight, markets were deeply overbought, which makes it more susceptible to a downward move. After all, prices can’t always continue to go up. The planting progress report had 92% of corn planting completed and that told enough traders that in the last week that there was a strong push to get planters in the field. By no means do we think the new crop balance sheet is solved. I think time will tell with this issue and traders will rely heavy on the weather and upcoming reports to dictate where yield and acreage loss will end up. I would recommend getting some new crop on the books and locking in a profit on some production, and don’t forget to market the balance of old crop bushels.
Have a great day!