Markets are higher as prices surge with traders looking to add additional weather premium and shorts run for the exits. Cool wet weather has the attention of traders as the extended outlook appears that it will hamper efforts to get crops in the ground.
Expectations for this afternoons planting progress are around 50% for corn and 25% for soybeans. Locally there was a lot of activity in the last week, so I look for WI to jump considerably as the majority of producers that we talk with are between 50-75% complete with corn planting. The ground that remains unplanted will need some time to dry out, but this week’s weather looks favorable after Tuesday’s showers. Temperatures for the remainder of the week will be in the 70-80 degree range with limited rain.
We still have the trade talks out there that could move the market higher or lower, but the current “kick the can down the road” has traders annoyed with the whole process. Expectations are that the June 20th meeting between the two countries is the next anticipated news date.
Have a Safe Day!