Corn markets is unchanged and soybeans are up 5 to start the day.
Crude oil is off sharply which and had some traders very nervous that we may see a selloff in other commodities.
Last Spring when Covid shut down the World economy, it all started with crude oil and US stocks. Crude oil closed terrible yesterday, and we are not sure how other markets will follow.
The Chinese stock market has also followed the path of crude oil, as it has wasted bullish traders over the last few weeks. This is another thing that had us worried yesterday, watching other markets come apart and especially this one.
US weather is going to be wet into April 3rd. Drought conditions in the central US will ease a little more each day. The Southern planting region is going to see delays with some areas getting heavy rain in the next week. The Western region up into the Dakotas still has no chances of rain in the next week.
Planted acres will be a record large combined for corn and beans in next weeks report. We could see corn acres at 96+ on the report which would set this market back significantly. Make sure you have sales on and offers in place prior to the report. $5.50 old crop corn and $4.50 new crop corn are very profitable and should be captured.
Have a Safe Day!