I believe yesterday’s selloff in the markets was merely traders exiting some of their long positions with the intent of making it a four day weekend. The Ag markets like to make big moves coming out of these long weekends so don’t be surprised to see the markets make a big move higher or lower when we resume trade Tuesday. Weather is nearly ideal for crop development across much of the Corn Belt and some sort of minor correction is probably in order.
Prices are slightly higher today in what is expected to be a light volume day heading into a three day weekend. Corn is up 1, soybeans 6 and wheat is up 9.
Thank you to all the Veterans who mad the ultimate sacrifice so that the rest of us could enjoy our freedom!
Have a Safe Weekend!