Markets are higher to start the week with corn up 3 and soybeans up 8. Cooler weekend weather and strong export demand is supporting the grains this am. This weekend’s weather was much cooler and some sub freezing temps purchased their way through the corn belt. Thankfully the newly emerged corn was likely too immature for the cold to do any real damage. The forecast looks warmer with near to above normal temps predicted over the next couple weeks.
Look for high numbers in this afternoons planting report as traders are expecting corn to be 65-70% planted with soybeans in the 50% range.
Optimism over demand from China is supporting soybean prices this morning, but there remains concerns about the tensions between the US and Beijing.
Take advantage of today’s bounce to make sales ahead of this afternoons planting progress report and tomorrows USDA report. (Stocks, world production)
I look for the markets to fade into the close ars traders prepare for tomorrows USDA report that will be released at 11am.
Have a Safe Day!