Corn is currently trading even this morning, trade is currently watching factors including South American weather, Planting Progress Report, as well as NAFTA/China trade negotiation announcements.
The big question lately is how delayed planting progress is affecting the Midwest, currently planting is estimated to be at 55%-60% complete today. This estimate is a big question for where it really comes in today, as the Dakotas, Minnesota, and Wisconsin are behind on progress with continued rain. No bullish response has been seen yet, as farmers are able to plant quite a few acres in less time.
Planting progress should be able to catch up, nationally, with a good weather forecast for the next ten days. Unless there is a big surprise on today’s planting progress report, do not expect a large rally unless major weather issues arise.
Have a Great Day!