The markets tried to rally yesterday but came into some trouble with a week stock market and a continued bearish sentiment. Farmer sales were heavy yesterday on the rally as a lot of cash is needed with bills pilling up and Spring right around the corner. Producers looking to move corn before planting should be targeting the $3.45-$3.50 range.
South American weather is still ideal. The dry area in Brazil will see limited rain over the next two weeks. The rest of Brazil has the same forecast it’s had all season. Argentina also stays in a wetter pattern to finish the growing season.
Funds remain short 153,000 corn and 60,000 bean contracts after yesterdays close. Traders remain bearish the market and will need some significant news to change their perception.
Corn is unchanged and soybeans are down 4 to open the day.
Have a Safe Day!