Monday was a tough day in the commodity markets with every commodity closing double digits lower on the day. Corn was down 10, soybeans down 19 and wheat was down 18 on the day. Favorable US weather along with US and China trade negotiations stalling weighed heavily on the markets. The high pressure ridge that looked like it could move into the corn-belt as of last Friday, looks less likely to push as far East as originally forecasted.
Last night’s planting progress was reported at 97% complete vs. 95% on average. Crop conditions came in at 78% G/E compared to 71% on average. Weather will continue to be the market mover with the current trend lower as we get favorable temperatures and moisture.
Yesterday was a very weak close with CN8 breaking the 200 day moving average for corn and could signal additional selling today. Look for resistance near 3.85 CN8 and support near 3.75 CN8.
Have a Safe Day!