Markets are higher to open the day with corn up 7 old crop and 13 in the new crop. Soybeans are 16 higher with wheat 8 higher.
Dry US weather is causing some short covering ahead of a three-day weekend for Memorial Day. The EU forecast is running much wetter out West and very dry in the Central to Eastern Midwest. The dome doesn’t look quite as pronounced in this latest model run, but still questionable. It looks like there could be a lot of storm activity in the West where drought has been the worst. Monday night’s forecast will be a volatile one, especially if the dome breaks down.
With no markets on Monday, Tuesdays open could be significantly higher or lower. Regardless, I think this is an opportunity for producers to make some old and new crop sales with the current spike in markets. The current “dry” forecasts that are being traded are good in my opinion and will be short lived. Its way too early to kill a crop and a dry May/June followed by wet July and August result in record crops!
Have a Safe Memorial Day weekend!